Manchestr United made an offer for a Valencia centre-back according to Spanish football journalist Guillem Balague.
However, Balague went on to claim that the Spanish side rejected the offer for the 26-year-old Argentine.
Otamendi has made 21 appearances for the La Liga side since arriving from FC Porto. In that time he has scored two goals and looked a solid addition, having previously made his name over the course of 122 appearances for the Portuguese club.
United are in desperate need of some quality defensive additions, preferably experienced players to work alongside the younger defenders who look good but not yet good enough.
The likes of Phil Jones and Chris Smalling have impressed under new manager Louis van Gaal, as have youngsters Tyler Blackett and Paddy McNair, but United still have not replaced the long since departed Nemanja Vidic and Rio Ferdinand.
At 26, Otamendi would be a worthy addition, but according to Balague United's sizeable bid was met with firm resistence; which is no surprise given how hard it is to sign quality players midway through a campaign.