Lyon have ended their interest in Loic Remy after failing to reach a compromise with Ligue 1 rivals Nice.
Despite admitting defeat in their pursuit of the 22-year-old forward, Lyon remain determined to add extra firepower to their squad ahead of the new season.
The French giants only parted with Remy last summer, but felt there was an opportunity to offer the talented youngster a quick-fire return to Stade Gerland.
However, Nice proved to be tricky customers during negotiations and Lyon have decided they would be better advised to look elsewhere for new recruits.
A statement on the club's official website read: "The club recall that when it accepted the conditions demanded by Nice, namely 15m euros (£13m) plus the transfer of Anthony Mounier, who is valued at 4m euros (£3.4m), the Azureen board in the first instance declared they were no longer interested after all in this transfer before in the second case raising the selling price to 16.5m euros and then finally in the third instance readjusting it to 16m euros!
"As a consequence, Lyon have decided to give up on this transfer for which it had nevertheless accepted to make an extremely substantial financial effort."
Lyon have just three senior strikers on their books at present - Lisandro Lopez, Frederic Piquionne and Yannis Tafer - and recently failed in their efforts to land Toulouse ace Andre-Pierre Gignac.
A fee is reported to have been agreed with Fenerbahce for Spain international Dani Guiza and Lyon remain confident that a deal for a new frontman will be struck in the near future.
The club statement continued: "It (the club) is pursuing negotiations taken on at the same time with other clubs and with other players with the hope of quickly finalising the arrival of a new striker."