Cruzeiro president Alvimar Perrella has revealed at a press conference that Tottenham have failed with a bid to sign Marcelo Moreno.

Perrella revealed talks had taken place with Spurs representatives in Belo Horizonte this week but the Shakhtar Donetsk offer of just under £6 million remains the highest bid on the table.

"The proposal was well short of what we expected," said Perella.

"For now, Moreno remains here and we count on him in Brazil.

"Of course, they should return to make a new offer but, until now, no (they haven't)."

Moreno is understood to have rejected the chance to move to Ukraine but a switch to The Premier League could be a different matter altogether.

The 20-year-old Bolivia international is part-owned by foreign businessman as Cruzeiro are only entitled to 40 percent of any fee.

"I am not urging him to accept because Cruzeiro only holds 40 percent," Perella added.

"If we had 100 percent, I would be very interested that he leaves but, with 40 percent, I prefer him not to go.

"The negative response left us satisfied and I hope we continue with this thought."