Kia Joorabchian said:
"Inter put a deadline on the decision and Carlos' heart is really in the Premier League, so he was not prepared to meet that cut-off point."
Liverpool, also heavily linked with Tevez look to have wrapped up the signing of Fernando Torres from Atletico Madrid, which would effectively price them out of a bid for Tevez.
Meanwhile Joorabchian confirmed that talks were ongoing at Upton Park over the striker's future in the claret and blue and said:
"it is true we are still talking and hope to come to some arrangement."