Bayern Munich CEO Karl-Heinz Rummenigge has said the club paid less than the reported €38 million fee for Borussia Dortmund defender Mats Hummels.
Hummels, 27, rejoined Bayern earlier this summer after eight-and-a-half years at Dortmund, signing a five-year deal.
Reports in Germany said the former BVB captain, who had one year left on his contract, had moved for €38 million.
But speaking at the defender's official unveiling on Sunday, Rummenigge said: "The fee of €38m is too high. I read it time and time again, but it's just not true."
Germany international Hummels, meanwhile, said he had joined Bayern to win trophies.
"Bayern are one of the two, maybe three best teams in the world," he said. "They enter each season with the chance to win everything.
"I have the chance to become an integral part of one of the best teams in the world. In the end, that was the determining factor for me to be part of the club."
Hummels won the Bundesliga with Dortmund in 2011 and the domestic double in 2012.