Tottenham manager Andre Villas-Boas said the club would no longer pursue Brazilian forward Leandro Damiao.
Spurs failed in a last-minute bid for Damiao on January transfer deadline day, but were expected to go back for the Internacional striker in the summer.
Internacional admitted they had rejected a bid from Spurs, but kept a move for their striker open once the season ends.
"Damiao isn't going, sporting director Marcelo Medeiros told Globoesporte. "The numbers are lower than what we wanted.
"Is it possible that he will leave later? Of course. Lucas (Moura) to Paris Saint-Germain, for example, was a hell of a deal, without talking about clubs."
However, the Portuguese manager now believes the option of getting Damiao to White Hart Lane, even in the summer, is closed.
"The player has been linked recently with Spurs, we've made it public before that it's a player that we chase, but we couldn't agree on the full conditions so we've moved on," Villas-Boas told reporters.
"Could it (a move for Damiao) happen in the summer? No I don't think so, it's probably finished now."
Spurs also lost out on another target in Willian, who made a big-money move to Russian club Anzhi Makhachkala from Shakhtar Donetsk.
"Willian is a very difficult situation because he's rated very highly by Shakhtar, almost to a point where European clubs can't compete," Villas-Boas added.
"Obviously his transfer was made by a crazy amount of money and he's moved on to a league which is the same level as the Ukrainian league.
"It's a pity that a player of that talent can't come to a bigger league because I think his talent is up there, but hopefully everything goes well for him."
Villas-Boas revealed Tottenham rejected a bid for Gylfi Sigurdsson from his former club Reading.
"Obviously he's a player that means a lot to Reading, from their academy," he said.
"He's a player that (Reading manager) Brian (McDermott) appreciates and he probably could have been a big boost for them. But he's a player that we rate very highly, we couldn't allow him to leave."
