Real Madrid president Florentino Perez made a final offer of €200m for PSG striker Kylian Mbappe on deadline day.
But despite Mbappe being off contract in June, PSG rejected the proposal.
El Chiringuito's Josep Pedrerol reports Real made the offer - but never heard back from PSG before the deadline fell.
Pedrerol says Real Madrid will now begin work on bringing Mbappe to Spain next summer.
From January 1, Real Madrid and Mbappe can officially begin negotiations over a Bosman move for when his deal expires in June.