Former Chelsea and Manchester United midfielder Juan Sebastian Veron has turned down the opportunity to sign for Manchester City.
New City boss Roberto Mancini tried to lure the 34-year-old back to the Premier League, but Veron says he is more than happy to remain in Argentina with Estudiantes.
Veron, who was named South American Player of the Year last year, said: "It's not a fact of money. First of all is the family, and second, I have made a decision and I want to respect it, that is what I feel and Estudiantes is the place where I feel comfortable.
"If I would have accepted this offer I wouldn't have been true with my convictions, with myself and with the people."
Veron's agent Miguel Pires added: "Veron said to me that he received a phone call from Mancini and that he had offered him £7million and the same to Estudiantes for a one-year contract.
"In addition, that amount would have got duplicated if he would have continued at Manchester City during 2011."