Lille president Michel Seydoux has told Newcastle that their latest offer for Mathieu Debuchy does not meet the French club's valuation and the full-back is now set to stay put.
The Magpies have been linked with a move for Debuchy for much of the summer and Sky Sports revealed earlier on Thursday that they had made an improved bid in an effort to finally secure his signature.
However, Lille, who sold midfielder Yohan Cabaye to the Tyneside club for a bargain £4.8million last year, have refused to budge on their valuation.
And Seydoux has now attempted to draw a line under the matter by insisting that Debuchy will not be going anywhere.
He told L'Equipe: "I have decided that Mathieu Debuchy will remain at LOSC.
"The offer from Newcastle is definitely not at the value of the player.
"For Mathieu Debuchy to leave, it would have taken the offer to be consistent and commensurate with his replacement.
"As the conditions are not met, it is my duty to make a decision."