Ipswich Town manager Paul Jewell has confirmed he has turned down an offer from Swansea City to sign Jason Scotland.
Swansea had been keen to bring Scotland back to the Liberty Stadium and approached Ipswich regarding a deal for the rest of the season.
Jewell had been prepared to let the striker go, providing Swansea met Scotland's wages in full, but an agreement has not been reached.
"There's nothing going on as far as I'm concerned," said Jewell.
"Swansea came back with an offer that wasn't good enough and I'm quite happy to keep Jason here."
Swans chairman Huw Jenkins confirmed manager Brendan Rodgers had been keen to hand the Trinidad & Tobago international forward a return to South Wales.
Jenkins said: "Brendan had some tentative chats with Ipswich to see if something could be done, but nothing has moved on from there."