Hugo Lloris' move to Tottenham has broken down after Lyon revealed they have not reached agreement with the Premier League club.
The Ligue 1 outfit claim Spurs agreed a deal with them for the transfer of the 25-year-old four days ago, but they now say that the Londoners have lowered their offer for player.
The France number one is seen as 'one of the best' keepers available by Spurs boss Andre Villas-Boas but now it appears he will not land his man.
A statement on Lyon's official website read: "Olympique Lyonnais have not reached an agreement with Tottenham for the transfer of Hugo Lloris.
"The proposals forwarded this evening by Tottenham are very different from the principle which had been agreed on August 26 and which had allowed to open the discussions between the player and the London club."
Spurs boss Villas-Boas is looking to sign a younger goalkeeper to provide competition for Brad Friedel, Carlo Cudicini and Heurelho Gomes, who have a combined age of 110.
The 34-year-old admitted that Lloris, who moved to Lyon in 2008, would be an ideal addition to his squad.
"We are very comfortable with our goalkeepers, (but) we can take into account that there is a future that we have to prepare for," Villas-Boas said.
"In that sense we have studied possibilities in that position as well and throughout the goalkeepers available, Hugo is one of the best."