Hamburg sporting director Frank Arnesen believes the Bundesliga club have little chance of signing Nicklas Bendtner from Arsenal, while Borussia Dortmund have ruled themselves out of the race.
Bendtner has not travelling with the rest of the Arsenal squad on the club's pre-season tour of Asia and instead will sort out his future. Manuel Almunia has also not travelled with both players almost certain to move on.
Dortmund were favourites to sign the Denmark international, with Hamburg hottly tipped to rival their German counterparts. But now a move to AC Milan, Sporting Lisbon or Benfica looks more likely.
Arnesen said it would take a "small miracle'' to secure his signature.
"We need more creativity in our offence. A midfielder with quality would be good for us,'' he told Hamburger Abendblatt. "Bendtner would be a real dream, he is a very interesting player.
"He can also play as an attacking midfielder behind the attacker. But it would almost amount to a small miracle for us to get him. There are two other clubs who have made Nicklas an offer and we are unfortunately not in that position.''
Dortmund believe a move for Bendtner does not fit in with their current philosophy. Club chief executive officer Hans-Joachim Watzke insists there will be no "paradigm shift'' despite their recent success.
"There has never been an offer from Borussia Dortmund for Nicklas Bendtner,'' said Watzke, according to Hamburger Abendblatt. "Of course we could make larger transfers ... but we don't want to borrow any money.''