Swansea's pursuit of Ipswich's Pablo Counago looks to have come to an end after the striker rejected a move to the Liberty Stadium.
The Swans were granted permission to talk to the Spaniard on Thursday after the clubs agreed a fee.
But Swans chairman Huw Jenkins has confirmed talks have broken down and he believes Counago is satisfied at Portman Road.
Jenkins said: "We spoke to the agent but Pablo has turned down our offer. It seems the player is happy to stay at Ipswich.
"We are obviously disappointed but Paulo Sousa has always said he has a number of options and targets."