Scunthorpe are believed to be chasing veteran striker Geoff Horsfield, but seem to have lost out on defender Kelly Youga.
The out-of-favour Sheffield United striker is thought to be the top transfer target for Iron manager Nigel Adkins.
The 34-year-old former Fulham, Birmingham, Wigan and West Brom player is a proven goalscorer at Championship level.
But he could favour a move as he has only made one substitute appearance for the Blades in the Carling Cup this term.
Speaking of the situation, Adkins said: "Everyone knows we're looking for a big striker - and Horsfield is a big striker."
But Adkins has conceded that signing Youga now appears highly unlikely as the defender looks set to stay at Charlton.
The full-back made 20 appearances for Iron during a six-month loan spell, prompting a bid from Adkins.
But a move now seems to be off, with the Iron boss telling the Scunthorpe Telegraph: "Back on 23rd November we had agreed a fee of £150,000 with Charlton manager Alan Pardew for Kelly.
"They were happy for him to come to us but the player's agent stopped him from signing a permanent deal.
"Because Kelly is out of contract this summer, his agent wanted him to sign only a loan extension.
"He went back to Charlton last week for them to have a look at him, played exceptionally well in their FA Cup tie against West Brom and now looks set to stay there."