The 27-year-old has also been a target for Dynamo Kiev and Terek Grozny, but is said to be happy in Belo Horizonte, where his disabled son is growing up.
“Montillo has chosen to stay and does not think it is time to leave,” said his agent Jailton Vasconcellos. “He is happy at Cruzeiro. He is a key player and the club have acknowledged that.”
It is the second failed bid Palermo have recently made for a player in the Brasileirão, having also had an offer for Santos goalkeeper Rafael rejected.
Montillo has been in fine form for Cruzeiro so far this season, with ten goals so far, second only to Santos’ Borges in the scoring charts.
