MK Dons have rejected a double approach from Peterborough United for Sam Baldock and Stephen Gleeson.
Posh, who had an offer for 22-year-old Baldock turned down two weeks ago, tabled an improved bid for the striker.
But Peterborough chairman Darragh MacAnthony said he would now end his interest in the pair.
"I am never happy at failing to land certain targets but we respect MK's decision and move on," he said on social network site Twitter.
"It's not the end of world and we will go for other options now.
"The bid would have smashed both clubs' transfer records for buying and selling a player. We will now move on to other targets as this double bid was final offer.
"I wish Pete [Winkelman, Dons chairman] and their gaffer all the best in aiming for promotion next year."
Republic of Ireland international Gleeson, 22, arrived at Stadium MK from Wolves in 2009 and has gone on to feature 76 times.
He was sent off in the first leg of the Dons and Peterborough's League One play-off semi-final, but was cleared to play in the return leg after having the red card overturned.
Posh went on to win the tie 4-3 on aggregate and secured a place in the Championship by beating Huddersfield in the final at Old Trafford.
Posh director of football Barry Fry had already revealed his club's interest in Dagenham's Danny Green and Bournemouth's Jason Pearce.