West Ham United joint-chairman David Sullivan says Liverpool striker Andy Carroll turned down the opportunity to move to Upton Park despite a deal being agreed between the two clubs.
Carroll's future at The Reds has come under the spotlight since new manager Brendan Rodgers declared he would be open to the striker leaving the club.
Fellow chairman David Gold had confirmed the club's interest earlier this summer and Sullivan says a deal had been agreed with Carroll, but that the England international rejected the chance to lead Sam Allardyces' team upon their Premier league return.
"I can only talk about this because it has been put in the public domain already," Sullivan told the Daily Mirror. "My manager wanted Andy Carroll, so we backed him.
"Andy was the perfect player for him and the style of football we play.
"We play a lot of high balls, a lot of crosses - quite exciting football, not just humping it but clever crossing - and Sam wanted [Matt] Jarvis to supply the crosses because he is a fantastic crosser.
"We had a deal in place with Liverpool to borrow the player which automatically became a purchase if we stayed up.
"We hoped, as he had the same agent as our manager - a man we had done a lot of business with - and he was very friendly with Kevin Nolan, our captain, that Andy would want to come.
"It was a terribly expensive deal with the loan fee and with his wages, which were enormous - too much for a club like ours. But, as the manager really wanted him, we were prepared to pay it.
"But he really wants to stay at Liverpool. He believes that he will get back into the side by his performances - coming off the bench or for the reserves. He believes the manager will have to put him back in the side. But it's wrong to discuss what is in his mind. Only he knows that."
Rodgers' footballing philosophy at Liverpool is expected to exclude Carroll for much of the season, with the onus on passing football rather than a direct style, which suits the 23 year old.
Carroll scored nine goals in his first full season at Anfield last term, including in the FA Cup final against Chelsea, form which saw him rewarded with a place in Roy Hodgson's England squad for Euro 2012.
Newcastle United manager Alan Pardew has expressed an interest in bringing Carroll back to the Sports Direct Arena, but currently Carroll looks likely to stay put.