Wales and Toulon full-back Leigh Halfpenny is "unlikely" to rejoin Cardiff Blues, according to chief executive Richard Holland.
Halfpenny's contract with French Top 14 side Toulon expires this summer and he is currently weighing up his options.
The Welsh Rugby Union and Blues have offered the 28-year-old British and Irish Lion a national dual contract.
"I guess if I was a betting man I'd err on the side of it being unlikely at the moment," said Holland.
He continued: "But he's changed his mind a few times before and let's hope he does so again."
Halfpenny left Cardiff Blues for Toulon ahead of the 2014-15 season.
Speaking to BBC Wales Sport, Holland said the Blues had made the player a "very competitive" offer, but admitted there were some issues during negotiations.
"There was a bit of a stumbling block on the length of the contract," Holland said.
"Leigh was looking for a 28-month contract and the Welsh Rugby Union wanted to put a two or three-year deal on the table.
"I think the Welsh Rugby Union and all four regions will start looking at the pot of money for national dual contracts, and it would be foolish for all concerned if we did not look at spending it elsewhere."
Decision after the Six Nations
Whatever Halfpenny's decision, Toulon owner Mourad Boudjellal expects it to be made after the Six Nations.
"He is like Jonny Wilkinson, he is a very special player and he makes his own decisions," he told BBC Wales Sport.
"We will wait until he comes back to Toulon after the Six Nations and then we will speak."
Halfpenny has played in Wales' opening three Six Nations games and is expected to appear in the forthcoming fixtures against Ireland and France.
Boudjellal added: "He is like Jonny Wilkinson, he is a very special player and he makes his own decisions.
"We have spoken before but I don't know yet his decision.
"Now he is in the Six Nations and when Leigh is in a competition, he does not want to speak about this [contract]."