Dynamo Kiev president Igor Surkis claims Everton's bid for Andriy Yarmolenko came too late in the transfer window for him to sanction the deal, but did hint that they could get their man in the future.
Everton agreed a £15m deal for the forward earlier this month and sent a delegation out to Monaco for talks with Kiev representatives.
However, the transfer has shown no signs of progressing in recent weeks with a series of mixed messages coming from the Kiev camp.
The Ukrainian club are reportedly very difficult to negotiate with so this deal was always going to take time. Surkis stated earlier in the summer that he was willing to sell Yarmolenko, who is about to enter the final year of his contract, but only to a 'big club' in a strong league.
He ruled out a move to Stoke for the 25-year-old but it did appear that Everton were suitably big enough in his eyes. Arsenal and Borussia Dortmund have also been linked with a move.
However, with the negotiations seemingly reaching an impasse it looks like Everton will have to admit defeat.
Surkis is quoted by Ukrainian media claiming that Everton arrived too late in the bidding and that he wanted the strongest squad possible to cope with their upcoming Champions League campaign:
"Everton began real negotiations with me only five days ago. How can I sell Yarmolenko and put my team in a difficult position?
"Should I sell Yarmolenko and see my team humiliated in the Champions League? I don't want that.
"With Yarmolenko we have a great chance of having a great Champions League season.
"If Everton came to me early in the transfer window, I would have sold Yarmolenko. The price is right, all the details are right.
"I was satisfied with Everton's offer. I would've sold him if Everton came earlier in the transfer window."
Despite that obvious disappointment, Surkis did dangle the possibility of a January move for Yarmolenko should Kiev struggle in Europe.
"If we are out of the Champions League in the winter Yarmolenko will be on offer. I will let him leave the team but I will try to restrain him. And wants it to continue to contract or not - it's his right.
"Yes, he would go to Everton. He will still be able to make a decision - to leave.
"With or without money. I will not put pressure on it. I think Andriy has no ego, we have a normal dialogue with him."