Crystal Palace were unsuccessful with an offer in the region of £14m for CSKA Moscow striker Fedor Chalov, Sky Sports News understands.
Palace will need to increase their offer to have any chance of signing the 21-year-old Russia international.
Eagles boss Roy Hodgson wants to sign two forwards and has made Chalov one of his top targets, along with Brentford's Ollie Watkins.
Chalov scored 17 goals and registered seven assists in 37 appearances for CSKA last season, and won his first two Russia caps earlier this year.
According to reports in Russia, a string of Premier League clubs have been interested as well as Monaco, Lazio and Valencia.
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