David Gill, Manchester United's chief executive, has said the club have virtually no chance of signing Owen Hargreaves before the transfer window shuts on Wednesday.

Alex Ferguson made Bayern Munich's England midfielder his primary target in the January market but Bayern remain unwilling to sell, despite United having offered a reported £20 million.

Following a board meeting last Thursday, Bayern officials suggested that, though there will be no deal this month, the transfer could go ahead in summer. On Friday Ferguson said he had not given up hope of landing Hargreaves in the next few days, but Gill is more pessimistic.

"I can confirm we are interested in the player and we have been since last summer but at the moment Bayern aren't willing to sell him and we will have to leave it at that," Gill told BBC Radio Five Live's Sportsweekprogramme.

Added to their failure to land Hargreaves, United have fallen behind Spurs in the race to sign Southampton's £10 million-rated full-back, Gareth Bale. So it appears likely Henrik Larsson will be the only new face to arrive at Old Trafford this month. The 35-year-old Swede has quickly impressed in his loan spell and saw a sweetly struck volley incorrectly ruled out for offside against Portsmouth on Saturday.

As things stand, Larsson is due to return to Helsingborgs in the middle of March and Gill says there has been no discussion with Ferguson over whether to extend his stay.

"I know for a fact Alex, Carlos (Queiroz) and all the players are very impressed with Henrik in terms of what he can do, his attitude and how he has fitted in," said Gill. "We want great players at the club but we have not really discussed that. We are focusing on the next few weeks and we will see what happens. I think it is a bit early, you never say never, but we will go through that nearer the time with Henrik and the club."

However, Gill was more definite in confirming that Cristiano Ronaldo's long-term future remains at Old Trafford. Ferguson said last week that he had no interest in letting the Portugal winger leave, amid rumoured interest from Real Madrid, and Gill made it clear no amount of money could persuade United to sell, with the club's owner, Malcolm Glazer, apparently in full agreement.

"As Arsene Wenger has said on many occasions, clubs aren't banks," Gill said. "We are there to put on entertainment and play a top-class team. There is no point having £35 million or £45 million if you can't replace that talent. At 21, Ronaldo has had a great season and the best is yet to come. If we did get a bid, I would tell the Glazer family. But I know the conversation would be very brief because it would be turned down immediately."

• Guardian Service