Tottenham had been hoping to sign PSG youngster Augustin on loan.
Mauricio Pochettino is still looking for striking cover for Harry Kane, and Augustin is able to play as a lone forward, and also take up a position on either wing.
Augustin has shared his game time between the first-team and the Under-19 team, featuring regular in the UEFA Youth League. However, he wants to be playing more football, despite the unlikely chances of dislodging Zlatan Ibrahimovic and Edison Cavani in the first-team.
Due to his playing chances, Spurs have made a loan swoop for Augustin, hoping to bring him to White Hart Lane until the end of the season.
It was a simple loan offer, and it gave Spurs no option to purchase the youngster outright at the end of the season, but the approach was refused by PSG.
The Ligue 1 champions are unwilling to lose another young player, having seen how Kingsley Coman has developed at Juventus and Bayern Munich, and so rejected the offer.
This is despite the fact that Spurs only want him on loan, and are not using this loan as a way to sign him permanently in the summer.
Despite the rejection, Augustin could still be leaving Paris this month, as earlier comments by Laurent Blanc have hinted.
Quoted in the report, Blanc said: “If JK [Augustin] has an opportunity that interests him, we will take it into consideration.”
There are no indications that Spurs are preparing a second offer for Augustin.