Real Madrid have pulled out of negotiations to sign Kylian Mbappe, according to reports.
The PSG forward was the subject of interest from the Spanish club this summer, but they have now admitted defeat in their attempts to sign him before the transfer window closes at 11pm BST on Tuesday.
Mbappe is out of contract next summer and has informed PSG that he has no intention of signing an extension.
Madrid had hopes to capitalise on the uncertainty by signing the World Cup winner this month.
Their best offer was worth around £146m plus £8.5m in add-ons - a significant sum for a player who will be a free agent in 10 months' time.
PSG deemed it insufficient, though, and their failure to accept Madrid's final bid means the deal is now off the table, reports RMC Sport.
Los Blancos had set a deadline of 5pm BST on Monday, and the absence of a response at this point saw them withdraw their offer.
The French outlet adds that while he is disappointed not to have sealed a switch to the Estadio Santiago Bernabeu, Mbappe accepts PSG's decision.
The Ligue 1 giants have not given up hope of persuading the 22-year-old to sign a new deal at the Parc des Princes.
Mbappe has shown no desire to do so in recent months, but PSG are refusing to give up.
Losing the Paris-born forward, who is widely considered to be a future Ballon d'Or winner, would certainly be an embarrassing event for PSG.
They have until June 2022 to convince Mbappe to extend his stay at the club, but Madrid remain confident that the Frenchman will be pulling on the famous white shirt this time next year.
They will be able to open talks with Mbappe on January 1, and the player will be permitted to sign a pre-contract agreement with Madrid at any point in 2022.
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