Paris Saint-Germain has rejected a $150 million bid from Real Madrid for Parisian forward Kylian Mbappe, the club's president Jean-Michel Aulas said on Wednesday.

The deal was reportedly agreed upon during a meeting between Aulas and representatives of both clubs in Paris.

Mbappe is widely considered to be one of the best footballers in the world and will be joining PSG next season, with the French giants aiming to strengthen their squad ahead of the 2021-22 Champions League campaign.

Aulas made it clear that he was not willing to part ways with Mbappe after rejecting the offer.

He told reporters: "I have been waiting for this moment for a long time, I am very happy that we can reach this agreement, but I would like to express my disappointment about this matter."

Real Madrid, meanwhile, had also expressed its interest in signing Mbappe, but they were unable to come to an agreement with PSG.

They offered Mbappe a contract worth €78 million per year, which is significantly less than PSG's current wage structure.

However, PSG refused to accept the proposal and insisted that they wanted to keep Mbappe at the club permanently.

In his statement, Aulas said: "We have been discussing this matter for many years and we have reached a point where we cannot agree on terms that satisfy everyone involved."

He added that he hoped that both clubs could find a way to work out their differences and reach a mutually beneficial agreement.

It remains to be seen whether Mbappe will join PSG or move to another club, as he has expressed a desire to continue playing for the French champions.