Saudi Arabia champions Al Ittihad have failed in a bid to sign 34-year-old Inter Milan midfielder Luis Figo.
Figo became a peripheral figure at Inter this season
The Jeddah club had already announced that the former Portugal winger would sign a 17-month contract and arrive at the club on 5 January.
But Serie A side Inter said in a statement: "There are no negotiations for the transfer of Luis Figo to another club.
"The recent news of a possible transfer is, therefore, completely groundless."
Figo joined Inter from Real Madrid in 2005 but has been a peripheral figure this season and looked set to sign a lucrative deal with Al Ittihad when the club's team manager announced the signing on 28 December.
"It's official now," said Hamad Al Sanie. "Figo will sign on Friday or Saturday and he'll arrive in Jeddah on 5 January when he'll join the team.
"We chose Figo because he's a big star and the coach asked us to look for a midfielder and, after we suggested Figo, he welcomed the idea."
However, Inter boss Roberto Mancini has since dismissed talk of Figo leaving and the club's statement has reiterated their stance.