The offer for £1.5m upfront plus £500,000 if Utd go to the Premier League was dismissed by Sam Hammam.
"Sheffield United are doing well and I like their manager. They are a nice, little club - but that's all they are. They don't have the stature to do it," he told the Western Mail.
"We saved them a lot of money with the phone call - it lasted only a few seconds!
"If Cameron goes it won't be to the top five in the Premier League because he has a zero chance of playing for those sides.
"He won't go to one of the lesser sides in the Premier League nor one of the ambitious clubs in the Championship because we won't allow it.
"But I would have a dilemma if a club like Tottenham, Newcastle Aston Villa or Middlesbrough came in for him.
"That would be a dilemma. Tottenham are blooding players like Cameron. (Michael) Carrick and (Michael) Dawson are making names for themselves there.
"So if they put seriously big money on the table..."
Of course more cynical City fans have heard similar things before. Earnie, Gabbidon and Collins have all moved on after promises they would not be sold.
Sam went on to explain
"Yes, we sold Danny Gabbidon and James Collins, but we were under pressure to do that.
"We are not under pressure to sell now. But you don't know how things will go.
"I would like to keep everyone I want to keep, but if selling Cameron for a massive amount means we can bring in five or six players who can make it in the Premier League then that's good management."
"Our chances of reaching the Premier League are no more than 10 per cent. What's the point of spending money?" he said.
"To bring a player in we must move someone out. We must act in a balanced way. We must not over-reach this month.
"We must be prudent. We are way over our budget."