Swansea City rejected Manchester City's bid of 6.2 million pounds ($9.8 million) for winger Scott Sinclair, according to a Press Association report.
The 23-year-old recently told Swansea chairman Huw Jenkins and manager Michael Laudrup that he would not sign a new deal at the Liberty Stadium, and with less than a year to run on his current deal he was widely expected to leave before the transfer window closes on Friday.
City reportedly made an initial bid of around 5 million pounds ($7.9 million), but Swansea sought a higher offer as Chelsea will receive a percentage of any fee due to a sell-on clause inserted when Sinclair moved to south Wales in 2010.
City returned with an improved offer, but it reportedly was turned down by the Swans -- who are determined to have their valuation of the player met.
Jenkins voiced his displeasure Monday with the pace of the negotiations.
"I would have thought if they really wanted to sign Scott Sinclair they would have dealt with it a little bit better than they have. But that's their business.
"It has dragged on too long and I hope one way or another it will be concluded the next couple of days."
Laudrup and Jenkins have made it clear they are prepared to keep Sinclair in south Wales if they do not believe a deal is in Swansea's best interests.
Sinclair was not included in the squad against West Ham on Saturday, or against Barnsley in the Capital One Cup on Tuesday night, but Laudrup has insisted he will restore the wide man to his squad if he remains at the club.
The rejection will only increase City boss Roberto Mancini's frustration as he has voiced his desire to bring in several new faces to strengthen his title-winning squad.
But City now faces a race against time to bring in the English star before close of business at the end of the week.
Laudrup remains hopeful of bringing in further additions to his own squad, with deals for Valencia's Pablo Hernandez and Middlesbrough's Marvin Emnes high on his wish list.
Information from The Press Association was used in this report.