Chelsea's deal for AC Milan goalkeeper Mike Maignan has collapsed with the club refusing to meet his asking price.
The Blues had stepped up their interested in the Frenchman in recent days and hoped to complete a deal before the transfer window closes ahead of the Club World Cup.
Enzo Maresca's side looked set to sign France's No 1 but were unwilling to pay Milan's fee, which they believe was inflated due to their will to get a deal completed before the Club World Cup.
It is understood that Milan want around £20m for Maignan, who has one year remaining on his contract at San Siro.
A deal between AC Milan and the Conference League winners is now off, according to Fabrizio Romano, who cited Chelsea's frustration at a 'Club World Cup tax'.
A special transfer window, which allows clubs to complete deals before the tournament kicks off on Saturday, ends on Tuesday before reopening next week.
Chelsea currently have five goalkeepers on their books but none have fully convinced fans.
Robert Sanchez, Filip Jorgensen, Djordje Petrovic, Mike Penders and Kepa Arrizabalaga are all currently contracted at Stamford Bridge, but they have not persuaded the Chelsea hierarchy against looking for another keeper this window.
However, following a breakdown in negotiations for Maignan, the Blues reportedly maintain 'full trust' in Petrovic, Sanchez, Jorgensen and Penders.
Kepa Arrizabalaga, who spent last season on loan at Bournemouth, looks set to join Arsenal and Marcus Bettinelli nears a move to Manchester City.
Maigan joined AC Milan in 2021 and sees his contract expire at the end of next season.
The Frenchman lifted the Serie A title in 2021-22 and is one of Europe's best shot-stoppers.
He could still leave Italy this summer, once the window reopens on June 16.
Milan missed out on European qualification last season after sinking to a disappointing eighth-place finish - a huge decline from being Serie A runners-up in 2023-24.
Despite the club having a poor 2024-25 campaign, Maignan still managed to keep 13 clean sheets.
The 29-year-old made his senior debut for France in 2020, and was also called up for their Euro 2020 squad but did not feature at the tournament.
Injuries ruled him out of the 2022 World Cup, where he was arguably ready to start for Les Blues.
But he got his breakthrough in January 2023 when Hugo Lloris retired from international football, promoting Maignan to first-choice goalkeeper.
While Chelsea's deal for Maignan has fallen through, they did complete the signing of defender Mamadou Sarr from Strasbourg for £12m on Monday morning.
That took the club's spending this summer to £60m already, having finalised moves for Liam Delap and highly-rated Sporting Lisbon prospect Dario Essugo.