The Chargers, who hosted this year's Super Bowl at the Qualcomm stadium, made the offer for the rights to the 166 acre land after they said an escape clause in their existing lease.
However, team president Dean Spanos said in a letter to fans that the club has 'no intention' of talking to another city about relocating.
Mark Fabiani, a consultant hired by the team to work on the stadium issue, wouldn't say how much the development rights were worth, although the Chargers would need to know what they could do on the plot east of downtown San Diego before they'd agree to build.
Said Fabiani: "There are certainly some scenarios that make sense for the Chargers and for the city. We have to have development rights attached to it. We need to go through the public process first and see what they'll allow before we sign a contract."
The escape clause in the Chargers' current leasing contract is partly based on whether the team's revenue falls into the bottom quarter of the National Football League's 32 franchises.
Since 1969, the Chargers have shared the Qualcomm stadium with Major League Baseball's San Diego Padres, who are moving next year to a new $458m ballpark that has $206m of municipal financing.
NFL Commissioner Paul Tagliabue has said it's unlikely San Diego would get another Super Bowl without renovating or rebuilding Qualcomm Stadium.
