AC Milan general manager Adriano Galliani insists Real Madrid are the only side in the running for Kaka.
The Brazilian playmaker has become the subject of much transfer talk of late, with Real and Chelsea linked with record-breaking approaches.
The Spanish outfit are believed to have made the first move, with an agreement already reported to be in place.
Milan have denied that a deal is that clear-cut, but appear resigned to losing their star turn.
Galliani admits the Rossoneri may be forced into a sale for economical reasons, but insists an agreement will only be
reached with Real - not Chelsea.
"Ricky didn't want to go to Man City (in January), instead he wanted to go to Madrid," Galliani told Gazzetta dello Sport.
"An agreement with Chelsea could not exist. Kaka goes to Real or he remains at Milan. That is his will and we are doing everything in complete agreement."
He added: "Negotiations (with Real) do exist, but an agreement is not done.
"Kaka has behaved very professionally with us, he has never asked for his deal to be revised or his contract extended.
"He has been here six years and won everything there is to win. But we can't afford to miss out on 70million euros (£60.8m). The motivation behind Kaka's sale would be economical."
Milan supporters will be disappointed to hear of their club's willingness to sell Kaka, but Galliani has assured disgruntled fans that reinforcements will be brought in over the summer.
"I want to put them at ease. We are not reshaping," he said.
"It will not be that we sell Kaka and don't sign anybody. Should Kaka leave, we will bring in a big striker.
"There is a negotiation for Kaka, but none of our other key men are for sale. That includes (Alexandre) Pato, (Andrea) Pirlo and (Clarence) Seedorf."
While admitting that Milan could be in the market for a new frontman in the not too distant future, Galliani has ruled out the possibility of Arsenal's Togolese star Emmanuel Adebayor or Juventus' Brazilian hit-man Amauri arriving at Giuseppe Meazza.