Tottenham Hotspur wants to sign Andrea Belotti on loan with an option to buy a total of €50 m, but Torino declined.
According to transfer expert Gianluca Di Marzio from Sky Sport Italia, the Granata will only let their hitman go for a permanent move thus the offer has been turned down.
If it was a loan with a purchasing commitment, then it might well be considered.
In a contract that is only available for clubs outside Italy, the 26-year-old international has a €100 m release clause and a deal that lasts until June 2022.
Il Gallo has played for Toro 192 competitive games, scoring 92 goals, and providing 19 assists.
He already has nine goals in 28 Italy Senior caps and is challenging European Golden Shoe winner Ciro Immobile for the Euro 2020 starting spot.