Swansea have rejected Newcastle's bid for full-back Neil Taylor amid a wrangle over a buyout clause in his contract with the newly-promoted Welsh club.
The Magpies have been pursuing the 22-year-old for several weeks after activating what they believed was a £1 million release clause.
However, Swans chairman Huw Jenkins today revealed that the offer had been rebuffed and that Taylor is expected to play a role for the promoted club next season.
In a statement on the club's official website, Jenkins said: "We recognise Neil as a young, talented Welsh player that has an important role to play at this club. We brought him here from Wrexham and have helped nurture his development.
"He adjusted very well to the Championship last season and we look forward to seeing him play a big role as we enter the Premier League. That is why we have rejected Newcastle's bid.
"I spoke to Neil's agent today and he understands the situation. We have a big challenge ahead in the Premier League, but together we can maintain the progress made by this club over the last few years.''
The news will come as a blow to Magpies boss Alan Pardew, who is facing up to the possibility of Jose Enrique's departure this summer, although Taylor was never seen as a direct replacement for the Spaniard.
In the meantime, Pardew is continuing his search for midfield reinforcements despite having already landed Frenchmen Yohan Cabaye and Sylvain Marveaux.
The pair, along with Senegal striker Demba Ba, have been snapped up in a flurry of early transfer activity at St James' Park, which has also seen skipper Kevin Nolan sold to relegated West Ham.