Chelsea's bid for Sevilla defender Daniel Alves has been rejected by the Spanish club as "way below" an acceptable price.
Alves starred as Brazil won the Copa America in Venezuela in July
The Brazilian international's agent had claimed the clubs were close to an agreement for the £25m-rated player.
But the Uefa Cup holders said on their website: "We would like to clarify that we consider the offer from Chelsea way below the expected level.
"This being the case, Daniel remains a player of Sevilla FC."
Reports in Spain had suggested the two clubs came to an agreement on Tuesday only for the deal to suffer a hitch.
Alves' agent Geronimo Suarez had told BBC 5live: "It's a complicated moment as both clubs are determined to close the deal and we are getting close.
"Daniel wants to close the deal quickly too. It may take two or three days, maximum one week to find a solution."
Suarez added: "We expected that Tuesday afternoon was the perfect day to close the agreement but it didn't arrive.
"However we cannot go along in this way as the player is suffering a lot here. The situation is not good for him as he wants to go."
Speaking after Chelsea's 2-1 victory over Reading at the Madejski stadium on Wednesday, boss Jose Mourinho confirmed: "We are trying to buy him but the situation is not done at this moment. We will see what happens."
Alves has made no secret of his desire to leave Sevilla and, though Real Madrid are also interested, has admitted that Chelsea is his preferred destination.
He was left out of Sevilla's squad for Wednesday's Champions League qualifier against AEK Athens, prompting speculation that he was close to completing a move.
If he had played in the game, it would have made him ineligible to play for another club in the competition.
Sevilla boss Juande Ramos appeared to have given up hope of holding on to the highly rated Alves, who played a prominent role as the Rojiblancos won back-to-back Uefa Cups.
"It's true that Daniel has an important role in this team, especially in our attacking play," he said.
"It's also true that two teams like Real Madrid and Chelsea are trying to acquire his services.
"We will try to overcome his absence with another player who will show the same ambition as him."
Right-back was a problematic area for Chelsea last season, with Paulo Ferreira, Geremi and Lassana Diarra filling the slot at various times.