"The figure the club in question has thrown back at us is unrealistic. It's totally out of proportion," Hoddle told the clubs official website.
"Contrary to some reports, we do not have a lot of money to spend and we have to use it wisely. But the striking department is the area we need to improve.
"On the basis of the price that has come back the deal won't go ahead but we will have to pick it up next week and see what happens."