Newcastle's offer for defender Diego Carlos was "good and respectable" but it was not the right time, says Sevilla's director of football, Monchi.
The 28-year-old won the 2020 Europa League with Sevilla and gold at the Tokyo Olympics with Brazil last summer.
But Newcastle's reported bid of £30m fell short of the La Liga side's asking price, given the little time they have to find a replacement in January.
"Our board, our management team, felt that it wasn't enough," said Monchi.
"It is true that maybe it wasn't the right time; it is a difficult market to find a replacement for a player like Diego Carlos and it is a market which takes place over a very short period of time.