Bayern Munich will not be signing Callum Hudson-Odoi this winter.
The young Englishman was desperate for a move to the German champions, given his lack of game time this season.
But it appears the club will have to wait for the 18-year-old, as they made four bids of up to £35 million and Chelsea rejected them all.
It is possible Bayern will come back in the summer, if Hudson-Odoi is still determined to leave Chelsea.
Their manager Niko Kovac spoke about transfers at a recent press conference:
"That other clubs don't want their good players to leave is for sure.
"We have a big squad now, almost all of the players are fit again. Franck and Arjen have been training, so I have to leave one, two at home anyway. That's why it does not make sense for us to get three or four more players.
"We've got a great team, great players and we will use those players until the end of the season."