Sevilla claim Tottenham want €11million (£9.6m) for Giovani dos Santos and the Spanish club insist they are not prepared to meet the valuation.
The Mexican has made just seven appearances for Spurs this season and four of those have come in either the Carling Cup or Europa League.
Dos Santos, who has 15 months remaining on his contract and in the summer was linked with a move to Wigan, has only featured this campaign as a substitute in the Premier League and he is frustrated.
The 22-year-old has spent time on loan at Ipswich and Galatasaray since joining Tottenham in 2008 and he also joined Racing Santander for the second half of last season.
Now Sevilla are interested in Dos Santos, as they search for attacking options, but their president, Jose Maria Del Nido, told Giralda TV: "At this moment, the club does not have the money asked for by Tottenham.
"The decision is clear. Giovani is not valued at €11m, as is demanded by the English. I view the deal as impossible."
Sevilla claim to have offered €4.5m (£4m) plus €500,000 (£435,430) in add-ons and have described that as a "good" bid.