Hull owner Adam Pearson has revealed the club have failed in their bid to sign Australian half-back Scott Prince.
The 32-year-old Gold Coast Titans player was offered a two-year contract by the Black and Whites but looks set to stay in the NRL on a better deal with either Brisbane or St George Illawarra.
"We tabled a final and competitive offer for Scott and one that I know he was happy with and looked keen to sign," Pearson said.
"It was a difficult decision for him to weigh up, particularly with it being such a major move to the other side of the world and knowing he is still a prominent player in the NRL competition.
"Therefore, the bid which came in from another club in Australia has turned his head and rightly so with the money they have put forward.
"Scott has done what any player would do in this situation and, despite being extremely keen to secure his signature, we aren't willing to match that offer with an amount of money that would be unjust for our club.
"It is very difficult to compete for players of his calibre against a rival club that is governed by a salary cap three times the size of ours and we won't do anything to put Hull FC at risk."