Espanyol have confirmed they have rejected Rangers' offer for young defender Raul Rodriguez.
Gers moved for the 23-year-old earlier this week and until now they were in the dark as to whether the Barcelona-based team were willing to accept their offer.
However, the Light Blues have been informed of a response and it was not the one that new manager Ally McCoist had been hoping for.
Espanyol say Rangers' bid, believed to be in the region of £400,000, has not been enough to convince club officials to part with the youngster, who has made just 10 first-team appearances for the club.
"The bid Rangers made for Raul was insufficient," Espanyol sporting director Ramon Planes told STV.
"It is not acceptable. We believe in Raul, he is a young player who hasn't played a lot of games. He is a player for the future."