Primera Liga newcomers Rayo Vallecano remain hopeful of landing strike pair Dani Pacheco and Roque Santa Cruz on loan.
Liverpool's Pacheco was previously thought to be due to undergo a medical on Monday ahead of a season-long loan but the club's sport director Felipe Minambres said on Tuesday this has not yet taken place.
However, he insisted the club are hopeful of tying up a deal for the promising striker to return to his homeland before the weekend.
He added the club have Paraguay international Santa Cruz also on their radar and they are awaiting a response from Manchester City.
He told EFE: "The Paraguayan is in a group of players that have interested us for a long time. We have presented an offer to City and now we await the answer."
But Minambres believes the club will miss out on another target - Juventus winger Iago Falque.
He added: "The agent says this is very difficult because they have received an interesting offer from England."