Leicester Tigers chief executive Simon Cohen insists prop Martin Castrogiovanni's move to Toulon could still go ahead.
This is despite the French club's president insisting any deal was "off".
Mourad Boudjellal fanned the flames of the long-running saga ahead of this weekend's Heineken Cup meeting between the two sides by saying that Tigers were treating Toulon like a "piggy bank" and that their financial demands had killed the move stone dead.
Boudjellal criticised Tigers' management of the situation and claimed excessive financial demands had ruined Castro's proposed three-year deal, despite the 31-year-old tight-head having agreed terms with the Top 14 giants.
The man who has made Toulon the richest club in world rugby told the La Province newspaper: "Martin Castrogiovanni is not within our means, it is clear.
"But Leicester are asking for too much money.
"They have seen Toulon as if it were a piggy bank, certainly to the detriment of the will of their player. Consequently, when we do not have sufficient finances to hire a player, we do not. And Toulon cannot afford Castrogiovanni.
"The case is closed. Castrogiovanni will not play in Toulon," he added.
But I understand the figures involved have not changed since the two clubs agreed a financial settlement for Castro's transfer several weeks ago.
And Cohen confirmed that, as far as Leicester were concerned, Castro could still be playing in Toulon next season, if the initial fee was met.
"We met with Mourad Boudjellal and we agreed a fee at that meeting," said Cohen.
"Toulon have been unable to complete the agreement but our position remains exactly the same.
"We have identified a replacement and, if Toulon are able to complete the agreement and the replacement player becomes available, we would still be able to release Castro.
"But, at the point in time at which the replacement we have identified signs elsewhere, we will then not be in a position to release Castro. If he does end up staying at Tigers, we will be happy because he is a great player and an icon of the club."
Should Tigers beat Toulon on Sunday, they will play a semi-final in Dublin if Ulster beat Saracens – or at Twickenham if the English side win. The tie will take place on Sunday, April 28.
