Newcastle had been given a deadline to last night by Feyenoord chief Martin van Geel to meet their €23m assessment.
However, the Toon never responded, despite having tabled two previous offers for the Dane last week.
De Telegraaf says should Newcastle return with an improved bid, Van Geek will not respond.
And for his part, Jorgensen is happy to play out the season in Holland. He believes staying and playing in the World Cup this summer offers a great stage to land himself a big move for next season.