AC Milan have denied receiving a US$300 million offer from Chelsea or any other club for playmaker Kaka.

The 26-year-old Brazil international has been strongly linked with a move to Chelsea this summer, but is under contract with the Rossoneri until the 2013 campaign.

"The transfer rumours don't anger Kaka," said Ancelotti. "In fact, I see him happier because to be appreciated is a positive sign and it gives you further energy."

Milan fans can already look forward to seeing Kaka team up with new signing Ronaldinho at the San Siro.

And Ancelotti believes the arrival of the former Barcelona playmaker has brought renewed enthusiasm to the Milan camp.

"All the players are really motivated by Ronaldinho's arrival and I believe even Kaka can take advantage of this situation and improve his performances," he said.

Kaka, who will not compete at the Olympics with Brazil, joined his team-mates in pre-season training earlier this week and appears to be fully recovered from the knee operation he had at the end of last campaign.

"Kaka has recovered well from the injury and the operation," admitted Ancelotti. "He is training with the group."