Hugo Lloris's proposed move to Tottenham is hanging in the balance after the English club failed to meet Lyon's valuation of the player.
The two clubs were believed to have agreed a fee between €15.5 and 16.5 million on August 26 for Lloris, however Sours' offeron Thursday night fell some way short of that figure.
Lyon owner Jean-Michel Aulas confirmed on Wednesday that Spurs had stepped up their pursuit of Lloris only to backtrack a day later.
The Ligue 1 club issued a press release on their official website last night stating: "Olympique Lyonnais have not reached an agreement with Tottenham for Hugo Lloris' transfer.
"Tottenham's proposals submitted this (Thursday) evening moved away significantly from the original which was officially recorded on August 26 and had opened up discussions between the player and the London club."
Despite this setback, however, Lloris is still hopeful of a move across the Channel - but Tottenham must first improve their offer.