Preston North End have confirmed a move to sign Burnley striker Chris Iwelumo has broken down due to a failure to agree personal terms.
Skysports.com revealed last week that Preston had lined up a move for Iwelumo, who only joined Burnley from Wolves last summer.
A fee had been agreed between the two clubs, but Preston chairman Maurice Lindsay has revealed the Scotland international's wages are beyond their reach.
"We are trying to get at least one more player in," Lindsay told the Evening Post. "The transfer window system isn't one I like, it only seems to benefit agents, so you've got to be very careful in January.
"We need to strengthen though, and we've been working very hard with Phil to try and bring in the players he wants.
"A few have gone against us, we've been unlucky with a couple, but that is the way things go sometimes.
"Before the weekend we tried to get Iwelumo from Burnley. We agreed a transfer fee but his wages would have smashed our wage bill to pieces.
"Phil liked Iwelumo a lot, but he understands that the club got into difficulties because it was paying wages beyond its means.
"We were looking to sign both him and Leon Clarke to give Phil a strong hand when it came to strikers."