West Ham United have failed in a bid to sign Andy Carroll despite Liverpool accepting their £19 million offer.
The Hammers had agreed a £2 million season-long loan with a stipulation that they pay £17 million at the end of the season should they retain their Premier League status.
However, having spent weeks working on the bid and finding the resources to fund the England international's £80,000 a week wages, Carroll has rejected the chance to move to Upton Park.
"Sadly we have a deal in place with Liverpool, but the player does not want to come permanently at this time," a club source told ESPN.
West Ham had hoped that the fact Carroll's agent, Mark Curtis, also represents Sam Allardyce and Kevin Nolan may boost their chances of a move, with Nolan a good friend of the striker.
However, it is understood that Carroll is only willing to play for a club that is competing in European competition, and Newcastle United, who had earlier seen a bid rejected, would be his preferred destination if he is forced to leave Anfield.