West Ham have missed out on Pablo Osvaldo after the striker elected to join Bologna from Serie A rivals Fiorentina.
Osvaldo was reported to be on his way to Upton Park as a replacement for Craig Bellamy, who has joined Manchester City in a £14million deal.
However, the Argentina-born forward, who has represented Italy at Under 21 level, will not be joining Gianfranco Zola's side.
Bologna have secured Osvaldo's services for an undisclosed fee, with the length of his contract still to be revealed.
He is the second Fiorentina striker to leave the club in the current transfer window following Giampaolo Pazzini's switch to Sampdoria.
Osvaldo has been brought in to play alongside Serie A's leading scorer Marco Di Vaio as Bologna battle to ward off the threat of relegation.