Portsmouth's administrator Andrew Andronikou insists they are 'miles away' from agreeing a deal with Middlesbrough over Gary O'Neil.
O'Neil has played 99 games for Boro following his move to the Riverside from Pompey in 2007.
As part of the deal Boro are due to pay Portsmouth £1million following his 100th match for the club.
However, Boro are now baulking at the prospect of doing this and are trying to negotiate a deal that would see him able to play in their remaining matches this term.
But Pompey - who are still in administration - do not look close to striking a deal with Boro, following talks with their chief executive Keith Lamb.
"Unfortunately their offer was miles away from what we expected," Andronikou told the Northern Echo.
"We are still on amicable terms but I don't see why we should accept an offer that we don't believe is in the best interests of Portsmouth Football Club.
"I took the initiative with Mr Lamb. I contacted him and put what I believe is a reasonable offer but Middlesbrough's proposal fell well short of that.
"I was disappointed with their offer. The structure of the deal they put forward was unacceptable to us. I spoke to Mr Lamb a couple of times on Wednesday.
"It would be a different scenario if Gary had only played a few matches but he has played 99 games for them and has been an important part of their side. They can sell him this summer. In my opinion, Middlesbrough are unrealistic.
"With all due respect to Middlesbrough I have so many other matters to deal with regarding Portsmouth I don't have time to become involved in protracted negotiations with them. The ball is now in their court and unless they come back with a significantly improved offer then that is an end to the matter.
"Don't get me wrong, I want Middlesbrough to have access to Gary but it seems to me that they are posturing because we are in administration and think that any offer they make is better than nothing
"That is not how I regard the situation. Their mentality seems to be that they are in a strong position but I must do what is right for the club. I do not expect Gary will play at West Brom this weekend."