The midfielder will not be making the switch to West Ham United.
The Inter Milan midfielder has turned down the opportunity to join West Ham on loan, as reported by Sky Sports.
According to the report, Inter were happy to loan Mario out only for the player to reject the move.
Missing out on Mario represents a significant blow for West Ham as the 24-year-old could have provided them with an extra creative spark in midfield.
The Portugal international is capable of unlocking opposing defences with precise passes and could have played a major part in the club's battle to avoid relegation.
However, West Ham must now act quickly and turn their attention elsewhere as they look for reinforcements, with David Moyes still yet to sign any new players this month.
West Ham are in 11th place in the Premier League but there is still much work for them to do in order to secure their safety, as demonstrated by the fact that they are just five points clear of the relegation zone.