Hibernian have pulled out of the running to sign Falkirk forward Alan Gow.
The Edinburgh club had been keen to land the 24-year-old, who hit a hat-trick in the Bank of Scotland Premier League against Dundee United on New Year's Day.
Gow added another goal in Saturday's Tennent's Scottish Cup win over Berwick.
Hibernian were expected to face tough competition from Celtic and Rangers, with Wolves also interested despite failing with an initial bid.
Hibernian boss John Collins said: 'Alan Gow will not be joining Hibs.
'We went about our business correctly and in a professional manner.
'He is a very good player and we made him our best offer but it appears that he sees his future elsewhere and we wish him all the best.
'We will now move on to look at other options.'
Collins is eager to add to his squad, but insists he will not be buying to offset the loss of midfield pair Kevin Thomson and Scott Brown.
The Easter Road boss is determined to keep Thomson and Brown at the club, despite speculation also linking them with the Old Firm.
He said: 'There will come a time when they will move on from this club but not in the immediate future.
'January for me is not the time to be selling your best players particularly with a CIS Cup semi-final coming up.'