Luton Town say Norwich City's attempts to sign David Bell are dead in the water.
The Canaries joined the hunt for the in-demand midfielder by placing an offer with the League Two side.
However, their bid fell well short of The Hatters' valuation, who say Norwich's offer does not equate to half the amount others are prepared to put on the table.
Luton informed Norwich they could make a revised bid, but after failing to hear back from the East Anglian outfit they fear their interest has moved elsewhere.
50 per cent
"Norwich were not even at 50pc of what we are looking at from the other bidders," said Stephen Browne, director of the LTFC20202 consortium which has assumed control of Luton who went into administration before their relegation from League One last season.
"Norwich made an offer which fell quite some way short of our valuation. It was a long, long way short. We have a valuation and I don't think it is unrealistic.
"We went back to their chief executive and said 'no thanks, but if you want to put in a revised bid we will listen'. No one has come back so as far as we are concerned that is the end of the matter."
Another club, believed to be Coventry, are close to agreeing terms with Luton for Bell, although The Hatters say they are under no pressure despite administration.
"We are not a million miles away with either club and we are confident we are being realistic," he continued.
"It is very tempting to look at Luton and think because we are in administration we need the cash, but the reality is different; we are very close to exiting administration."