Pep Guardiola said that Éderson remained at Manchester City during the summer because no club met their asking price for the goalkeeper.
Ederson was the subject of interest from both Al Nassr and Al Ittihad during the transfer window.
But speaking after the Brazil goalkeeper made a number of key saves to help City to a 3-2 win over Fulham on Saturday, Guardiola said he was glad an acceptable offer never arrived.
"He knew from day one I didn't want it, we didn't want it but the truth, I'm going to tell the truth, the offer didn't come," Guardiola said. "The real offer, because they make an offer, but to be for the keeper, for the team who won four Premier Leagues in a row, they have a value, you know, have a price. Otherwise, he cannot leave. This is the truth."
Ederson has won six Premier League titles since arriving from Benfica in 2017.
He has twice been named in the PFA Premier League team of the year and won the Premier League golden glove three years in a row between 2020 and 2022.
The 31-year-old has kept his place as City's No. 1 this season despite competition from Stefan Ortega, who signed a new contract in the summer.
"I said many times, how many years we are together? Eight years with Eddie? The success we had without him, I cannot visualise, I cannot," Guardiola said. "We are lucky to have him. Hopefully, he's happy.
"Ederson is an important player, but I always had the feeling that Stefan is an exceptional player. And sometimes Ederson has to have the feeling that he has to perform well, otherwise Stefan can't play. And this competition, a healthy competition they have -- because they respect and they have an incredible relation -- make our team better."