"Gylfi was a signing that was on the cards when Brendan was with us. Once Brendan (Rodgers) decided to embark down a different route then that signing always looked unlikely," Jenkins told the South Wales Echo.
"The bid was there but nothing has been discussed since; our focus was on bringing in the new manager. The delay in signing Gylfi - probably three weeks - meant I believed it was the right thing not to push that signing. It was the right thing to wait and make a joint decision.
"It was left and Michael's thoughts are with that sort of transfer fee we were about to commit to, with wages and fees involved, then it's a general discussion on what else you can spend that money on.
"Michael should be given the opportunity to look himself and make decisions on what he wants. He can stamp his own authority and own policy on players and the team.
"Looking at Gylfi - and perhaps Steven Caulker - they were last year's players.
"They did very well for us but time moves on. We're in a new era with Michael Laudrup in charge.
"It is Michael's chance to consider the options and make the right decisions."