Yesterday Corinthians president Andres Sanchez claimed that the Italian club had made a bid of £45m for the striker.
City rejected a £35m offer from the Sao Paulo club to re-sign their former player on Tuesday. Corinthians have indicated that they will not be increasing their bid.
The 27-year-old, who is under contract at Eastlands until 2014, has made it clear that he wants to leave Manchester due to family reasons as his children have remained in Argentina.
Tevez is currently in Argentina representing his country at the Copa America and may feature when they meet Uruguay in the quarter-finals on Saturday night.