Notts County boss Martin Allen refused a deadline day target more money and the deal was called off.
Allen insists the League One outfit will not be held to ransom in such circumstances.
Allen told the club's official website how the unnamed player was supposed to have a medical at Meadow Lane on Wednesday, but Allen refused to meet his demands and the deal was called off.
"I had someone lined up and he was supposed to be driving up here for his medical. Everything was in place," Allen said. "Then at five o'clock I got a telephone call saying he wanted more money.
"We said 'no'. I don't think this club should be held to ransom; I want people that want to come here.
"We're all competitive and here to win football matches from the chairman all the way down, but we don't work at whatever cost."