Michael Laudrup says Scott Sinclair's move to Manchester City could still materialise, despite Swansea turning down a £6.2million offer from the Premier League champions.
The 23-year-old recently told Laudrup that he would not sign a new deal at the Liberty Stadium, and with less than a year to run on his current contract he was widely expected to leave before the transfer window closes on Friday.
City were understood to have made an initial bid of around £5million, but Swansea were keen for a higher offer as Chelsea will get a percentage of any fee due to a sell-on clause inserted when Sinclair moved to South Wales in 2010.
City returned with an improved offer, but it is understood the bid has been turned down by the Swans - who are determined to have their valuation of the player met.
Laudrup would not confirm or deny that an offer had been rejected, but admits the deal could still happen.
He said: "I can't say, I really don't know where we are at the moment.
"Even if talks have broken down there is still time for everything to happen, I am not saying he will go, or he will stay.
"The point where we are now could change completely.
"From a manager's point of view, Scott is an important player and he plays in a position where we don't have that many players and if he leaves we need another one.
"That's the balancing act and the closer we get to the deadline the more difficult and shaky it will be."
Laudrup is thought to be keen to bring in targets Pablo Hernandez and Marvin Emnes from Valencia and Middlesbrough respectively and the Dane expects there to be plenty of activity over the next few days.
"I think it will be very busy," he said.
"Everyone here will have to be working hard over the next three days to make sure we are not in a situation where a club is saying 'the fax is not working'. I tried that, where a fax wasn't working in a club and they signed a player a little too late.
"Luckily I think we have two or three fax machines here."