Reports suggest their decision to pull out came because of Paris St Germain having a bid of €30 million rejected.
Corinthians had only been offering half that amount, but may now turn their attentions elsewhere.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.