Tottenham were reportedly quoted a higher price for Conor Gallagher than Atletico Madrid have agreed to pay for the Chelsea midfielder. In an ideal transfer window, Spurs manager Ange Postecoglou wanted Gallagher to operate in midfield behind new signing Dominic Solanke.
With Archie Gray arriving in a £30million deal from Leeds United and Solanke netting Bournemouth £65m, Tottenham will have to watch their spending over the final two-and-a-half weeks of the summer transfer window.
Gallagher has long been admired by senior figures in north London, and The Telegraph claim that Postecoglou wanted to pair the 24-year-old with Solanke in his new-look starting XI.
However, the same report states that Chelsea, in an attempt to warn off one of their direct Premier League rivals, quoted Spurs a one-off £45m asking price for their midfield academy graduate.
Frustration will therefore have been brewing inside Tottenham sporting director Johan Lange when Atletico agreed a deal worth £33.7m for Gallagher - more than £10m cheaper than the price quoted to the north Londoners.
The door is not completely closed for Gallagher to join Spurs, with his Atletico switch hanging by a thread as the La Liga side scramble to make a sale before being able to afford his transfer fee.
Gallagher was recently holed up in a Madrid hotel for five days while waiting for Chelsea and Atletico to put the finishing touches on a deal which is yet to fully materialise. The England international was then flown back to London on Tuesday, despite having completed his medical with the Rojiblancos.
Chelsea are reportedly in talks with Atletico over a deal for Joao Felix which would grease the wheels of Gallagher's move in the opposite direction. Tottenham, meanwhile, are prioritising outgoings during the final section of the window.
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Youngsters Alfie Devine, Ashley Phillips and Jamie Donley will reportedly be allowed to leave on loan. Club chiefs also intend to consider offers for out-of-favour midfielder Giovani Lo Celso and Israeli forward Manor Solomon.
Emerson Royal is the latest senior star to have fled the Tottenham Hotspur Stadium, with the Brazilian joining AC Milan in a £15m deal.
Along with Leicester City, Spurs are the last team to get their new Premier League season underway, with the two sides set to do battle at the King Power Stadium on Monday evening.