Kylian Mbappe's proposed move to Real Madrid failed because Paris Saint-Germain failed to respond to the Spanish side's final offer.
Real were willing to pay £197m to sign Mbappe, but walked away after PSG stalled on the deal.
Real will now focus on signing Mbappe to a pre-contract agreement in January in order for him to move to the Bernabeu on a free transfer next season.
The 22-year-old's PSG contract expires at the end of the current campaign and he has made it clear to the club he has no intention of extending the deal.
Mbappe's dream is to play for Real, who signed his France international team-mate Eduardo Camavinga from Rennes on a six-year deal for up to €40m (£34.4m) on Tuesday.
PSG sporting director Leonardo said last week Mbappe wanted to leave, but they would not sell him in the final week of the window and they would not sell him for less than his market value.
He joined PSG from Ligue 1 rivals Monaco in 2017 and has gone on to win three French titles and three French cups with the side.
Mbappe was also part of the France squad that lifted the World Cup in Russia in 2018.
Ahmadsidi
557
Paris board to Perez pls can you help us with one UCL trophy I will send mbappe to you for free[Crylaugh][Crylaugh][Crylaugh][Crylaugh]
Pappybryt99
443
Madrid fans just pretend that he is on loan and that he will return at the end of the season
MohsinH47
212
psg you will learn what perez and madrid can do next January. the ucl will be ended up in tears. don't ever mess with Madrid
Pappybryt99
160
These guys don't understand that some things are bigger than money. A dream cannot be bought. His childhood dream has been Real Madrid. He will never give it up. See you next season Mbappe 🔥 VAMOS REAL!