Pearce halts Wright-Phillips hunt

Pearce was eyeing a loan deal but said: "We have been quoted a price that is a million miles away from our budget.

"That is the end of it really. They do not want to loan the likes of Shaun or, I am sure, the rest of their players.

"If there were any deals to be done then it comes down to straight finance, if they want to sell the boy."

Wright-Phillips, who joined Chelsea from City in July 2005, has made only a handful of appearances for the Premiership champions this season.

However, Pearce is still seeking to bring in fresh faces during the January transfer window.

"We're looking at players and are hoping to bring in one or two as soon as we can. I've been making a lot of calls over the last few weeks," he added.

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