The deal between Manchester City and Corinthians for striker Carlos Tevez appears to have collapsed, with the Brazilian club revealing they are unable to make the first payment immediately.
Corinthians now say they are in no position to make an up-front payment, and with the transfer window in Brazil closing on Wednesday, the club have made a statement on their official website suggesting the Argentine will have to remain with City until at least next January.
"The board of Sporting Club Corinthians hereby officially announce the impossibility of hiring the Argentine striker Carlos Tevez," the statement said.
"While acknowledging the efforts of Manchester City and all involved in the negotiation, more time is needed for the transfer to be achieved, given that the window to sign players from abroad closes on Wednesday, July 20.
"There is no more sufficient time for the transfer to go through. We are aware our fans wanted Tevez to join our club again and we hope we can have the player with us in the future."
It is understood City requested Corinthians make their first payment before the transfer is completed, instead of early in 2012 as stated in the Sao Paulo club's original offer, forcing negotiations to stall.
With the deal dead, Tevez's agent Kia Joorabchian said that the player would now take a holiday but would "respect" City if he fails to secure a move away from the club this summer.
"He's still a City player and he will respect that. We will keep it like that until there's something else concrete on the table.'' Joorabchian told Sky Sports News.
"There was a concrete offer on the table, and it was very close to being negotiated and agreed, but unfortunately it didn't go through. There's not really any speculation from our standpoint (on what happens next)."
Since Corinthians announced that the deal was off, City have indicated it was due to the lack of a bank guarantee, with concerns over how the Brazilian club would fund a deal worth four times their previous transfer record.
Joorabchian dismissed that notion, claiming FIFA rules provided enough security for City.
"It had nothing to do with proof of funds,'' he said. "Obviously there will be active people at City that might try to put some sort of spin on it, but I don't think the top management really believe it. They are both FIFA clubs, both FIFA members, and it would be almost impossible for Corinthians not to pay.
"They are the largest club in Brazil. There would not be any issue with it. It is almost like Barcelona, Real Madrid or Manchester United not paying. They are the largest club in South America and with that kind of revenue, I don't think that would be an issue."
City appear keen to sign Tevez's Argentina team-mate Sergio Aguero regardless of the collapse of the deal, but Joorabchian struck down a suggestion that another ambitious signing would make Tevez change his mind about staying with City.
"Carlos' future has got nothing to do with other players,'' he said. "He is an individual who bases himself around his own happiness and I don't think it will be anything to do with anyone joining that changes Carlos' mind.''