QPR have had their bid to sign goalkeeper Lee Camp rejected by Derby.
Camp helped QPR win promotion
Rangers made a formal offer for the 19-year-old, who ended last season on loan at Loftus Road.
Camp joined Ian Holloway's side in March and produced a string of fine performances to help them win promotion from the Second Division.
Rams director of football Murdo Mackay told the club website: "The bid does not meet our valuation of the player and the timing is difficult for us."
Mackay added: "Our new goalkeeping coach Mal Webster has only had a couple of weeks to assess the ability of our three main keepers."
Derby would have netted a large percentage of any future fee for Camp if they had decided to let him move.