An agent mediating in negotiations between Inter Milan and Anzhi Makhachkala over the transfer of Samuel Eto'o said on Thursday that the deal has gone cold.
Representatives of both clubs have been meeting all week but have failed to come to an agreement on a transfer fee.
Cameroon captain Eto'o has allegedly agreed terms with the Russian club, believed to be worth 20 million euros a season.
He was supposed to undergo a medical in Rome on Thursday.
However Peppino Tirri said following a meeting in Milan that for the moment it was all off.
"For now the negotiations have gone ice cold and I'm not optimistic at all," he told reporters.
"For now everything has stopped, the transfer is off and we'll talk again tomorrow."
The problem is believed to be the distance between the two clubs' evaluations of Eto'o.
Anzhi have allegedly upped their original 22-million-euro offer to 24 million euros but Inter are said to be holding out for 30 million euros.
Eto'o joined Inter from Barcelona two seasons ago in a swap deal with Zlatan Ibrahimovic, in which the Italians also received 50 million euros.
He won the treble under Jose Mourinho in his first season at the club and was Inter's top scorer last season.
Anzhi are owned by Russian billionaire Suleyman Kerimov who is trying to buy his way into the big time.
He has already brought former Brazil international full-back Roberto Carlos and Russian international Yuri Zhirkov, from Chelsea, to the club.
Anzhi are from the restless republic of Dagestan and although they play their home matches in Makhachkala, the players live and train in Moscow.