Hull City chairman Paul Duffen claims Alvaro Negredo had agreed to move to the KC Stadium before Real Madrid sold the striker to Sevilla.
Negredo had been lined up for a £12million move to the Tigers only for the deal to collapse when he agreed a five-year deal to stay in Spain with Sevilla.
Reports suggested that the 23-year-old's preference was always to remain in La Liga, but Duffen insists Negredo was willing to move to the Premier League.
Duffen says the player, who had impressed at Almeria last season, had accepted personal terms to join Hull before a late change of heart from Real.
"Having agreed a fee with Real Madrid, we finalised personal terms with the player's representatives in London on Friday," Duffen told the Hull Daily Mail.
"We were then assured by them that they would go back to Real Madrid and discuss the terms of his buy-back.
"Then we hear that the club have decided to sell him to Sevilla and that's the end of it.
"There's clearly something dysfunctional when you agree terms with a player and his club and then he doesn't come.
"There is absolutely nothing to suggest that the player did not want to join Hull City.
"Everything we heard from the player's representatives suggested that he wanted to come to Hull City, but we can't dwell on this."
With Negredo the latest striker to turn down a move to Hull, Duffen confirmed the quest continues to improve Phil Brown's attack before the transfer window closes.
He added: "This doesn't change anything about the way we do our business.
"It has taken us a long time for someone of Negredo's ability to come so close to joining us, but there's no regrets in aiming for a player of that calibre.
"If we believe a player represents value, then we are prepared to pay the money.
"We've got to get on and do our business between now and the end of the transfer window, but this is just a bump in the road."