Newcastle are set to switch targets after failing to tempt Deportivo La Coruna into selling forward Albert Luque.
Boss Graeme Souness revealed the club's final offer for the Spanish frontman had been rejected by Deportivo.
Personal terms were agreed with the 27-year-old over the weekend but Newcastle could not agree a deal with his club.
Having seen an improved offer rejected last night - believed to be in excess of the £7.5million they had already tabled - Newcastle are considering where next to turn.
"I understand that yesterday our final offer was rejected, so I think this one's finished," said Souness.
"We have made a fantastic offer for the player.
"Really there is a limit on how much you can spend on one player. Our
valuation is different to their valuation. He is their player right now. At this
point, we think that's too much."
Newcastle have laboured through the opening two games of the Premiership season with only skipper Alan Shearer available in attack.
They have yet to score but will have England Under-21 international Shola Ameobi available for the trip to Bolton tomorrow night.
He has completed a three-match ban and could partner Shearer, but with the summer transfer window due to close next week, the Magpies are stepping up their efforts to find reinforcements.
Souness indicated his two remaining targets are players he has pursued all summer, and with speculation increasing that Michael Owen could return to Liverpool, that appears to hint that interest in Fenerbahce's Nicolas Anelka and Fulham's Luis Boa Morte may be revived.
