Zenit St. Petersburg has denied that a deal has been agreed to see star player Andrei Arshavin head to Tottenham Hotspur.
The forward rose to international prominence at Euro 2008 and has since been linked with some of Europe's top clubs.
Barcelona, the club of his dreams, made the first bid, but at just $23.4 million, it was flatly rejected by the Russians.
The 27-year-old has spent his entire professional career with Zenit, but is now looking to leave for one of Europe's major leagues in search of a new challenge.
The player's agent, Dennis Lachter, has been pushing for a move to be finalized, declaring that personal terms have been agreed upon and that only a transfer fee now needs to be settled upon, with Zenit reported to be demanding $28 million.
Sporting director Konstantin Sarsaniya added: "Tottenham offered us [$31.3 million] for Andrei, but that does not work for us. We are waiting for a new proposal. Initially we announced that negotiations will start at around [$39 million]. What the final transfer fee will be in the end is hard to say."