Transfer expert Fabrizio Romano is reporting Porto rejected Atlético's offer for Veiga in the final 48 hours of the winter transfer window.
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The midfielder, formerly of Celta Vigo, was one of the options the Madrid giants was considering to strengthen its squad in January.
Porto's refusal has 'postponed' the transfer, although Veiga's name remains on the table. It seems likely he will be a target for next summer, with several other clubs already showing interest.
Veiga joined Porto last summer after 18 money-spinning months in Saudi Arabia with Al Ahli.