Diego Perotti still hopes to leave Sevilla this month but a move to Werder Bremen is looking unlikely.
The clubs had discussed the transfer of the winger but failed to come to terms, Marca reports.
Werder wanted to loan Perotti until the end of the season in order to minimize the cost of the transfer, with a permanent move in the summer, but an agreement wasn’t reached.
It is expected that Werder will try again for Perotti before the close of the winter transfer window on Friday but Sevilla are happy to keep Perotti until the summer and so are not desperate to sell.
Perotti rejected a move to Genoa and dismissed a return to Argentina with Boca Juniors, while interest from Monaco is said to have come to naught.
A fee of €4m has been mooted by reports in Germany but sources from Seville say the price is wide of the mark.
Perotti is currently recovering from a thigh injury and is expected to be fully fit in the near future.