Clarets boss Stan Ternent is ready to turn his sights elsewhere for further strikepower at Turf Moor after Burnley pulled out of the running for Coventry City front man John Aloisi.
Burnley chairman Barry Kilby was quoted a figure for the 25-year-old forward by the Premiership strugglers.
But after totting up the finances, he decided not to table a bid for the player.
"It's just that their valuation is different from ours. We are not prepared to pay the price that Coventry are asking. I don't think we will be pursuing this," Kilby confirmed.
Coventry were thought to want in the region of £1.5 million for the Australian international, who is struggling to force his way back into the first-team picture at Highfield Road and who is also wanted on loan by Bolton Wanderers.
And while Burnley could probably have matched the fee, buying Aloisi at that price would not have fitted into the club's overall spending plans.
Kilby said: "We have a shopping list and a certain budget that's in there and we've got to spend it to the best of our ability.
"We were serious about getting him but it had to be weighed against other players we want and about getting the most out of our money."
Ternent has enquired about several other potential targets in a bid to strengthen his squad and is just "waiting for a phone call" in a number of instances. The manager will therefore make his move if and when the players he wants become available as he keeps more than half an eye on next season.
And Kilby added: "The position we are in, we have the luxury of not having to panic."
Ternent has made no secret of the fact that he needs to strengthen his squad to take the club forward having gone close to safeguarding the club's First Division status with his current crop of players.
And wideman Graham Branch is looking forward to some more new faces at Turf Moor to help the Clarets compete near the top of Division One.
"The gaffer is looking to buy a few more players and bring them into the squad. We've got a good squad anyway but we just need a bigger squad so if he can buy some decent players then we'll be okay," he said.
New arrivals will inevitably mean a shake-up of the squad in the future but Branch believes added competition for places is the way forward for the Clarets.
He added: "It's football, it's a cut-throat business. If you're not good enough then you don't play, that's the way it is. That's life."
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