Valencia general director Mateu Alemany has revealed Atletico Madrid’s offer for Rodrigo is “no longer on the table” ahead of the new La Liga campaign.
The Spanish international had been the subject of an alleged €60 million (£54.8m/$66.5m) bid from Los Rojiblancos ahead of their season opener against Getafe this weekend.
The move was expected to be made official ahead of the opening round of league fixtures, however, club bosses have confirmed any deal to take the Brazilian-born forward to the Spanish capital is now off.
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Amid intense speculation surrounding his immediate future, the 28-year-old has returned to training with the Valencia squad as they prepare to face Real Sociedad at the Mestalla on Saturday.