Tottenham Hotspur reportedly offered to take Andrea Belotti on loan with option to buy for total of €50m, but Torino rejected it.
According to Sky Sport Italia transfer expert Gianluca Di Marzio, the bid was turned down because the Granata will only let their hitman go for a permanent move.
If it was a loan with obligation to buy, then it may well be considered.
The 26-year-old Italy international has a release clause in his contract worth €100m that is only valid for clubs outside of Italy and a deal that runs to June 2022.
Il Gallo has played 192 competitive games for Toro, scoring 92 goals and providing 19 assists.
He also has nine goals in 28 senior Italy caps and is challenging European Golden Shoe winner Ciro Immobile for the starting spot at Euro 2020.
Tottenham are seeking a striker and keep looking to Serie A, having also approached Napoli for Arkadiusz Milik.