West Bromwich Albion manager Tony Pulis
The Baggies had made two bids for the Ghana international - the second of which would have seen Schlupp move for £12m had it been accepted (via Mail) - but the Foxes rejected their approaches.
Leicester City's Jeffrey Schlupp
And despite the Mail suggesting that West Brom were considering a third bid, Pulis has seemingly thrown in the towel and suggested that they would be fighting a losing battle if they made another offer.
"I think that’s dead," he told the Mail. "Obviously we made an offer and the understanding was that the lad wanted to play first-team football."
"I think he would have been keen to come to us but they are the team that hold the player and they have to decide whether they want to let him go or not."
With just one signing through the door so far this summer, it would have surely been a good piece of business had the Baggies managed to land the 23-year-old.
Schlupp is capable of playing in defence, midfield or in attack so his arrival would have allowed Pulis to bolster his ranks in several areas with just one addition.
However, the former Stoke boss appears to have accepted that this pursuit will see him end up empty-handed, which will undoubtedly be extremely frustrating given that they have made a big effort to get a move done and are now left with little time to switch their attention to alternative targets.