Gold Coast have granted captain Scott Prince a release from the final year of his contract after he secured a two-year deal with another NRL club.
The former Gold Coast captain has recently knocked back English club Hull.
Prince looked certain to sign a three-year contract with the Super League side after weeks of talks but Hull owner Adam Pearson admitted on Monday the club had failed in their bid to sign the 32-year-old.
Hull said Prince's advisors told them another NRL club, thought to be either Brisbane or St George Illawarra, had tabled a significantly bigger last-minute bid which they were not willing to match.
"We tabled a final and competitive offer for Scott and one that I know he was happy with and looked keen to sign," Pearson said.
"It was a difficult decision for him to weigh up, particularly with it being such a major move to the other side of the world and knowing he is still a prominent player in the NRL competition.
"Therefore, the bid which came in from another club in Australia has turned his head and rightly so with the money they have put forward.
"Scott has done what any player would do in this situation and, despite being extremely keen to secure his signature, we aren't willing to match that offer with an amount of money that would be unjust for our club.
"It is very difficult to compete for players of his calibre against a rival club that is governed by a salary cap three times the size of ours and we won't do anything to put Hull FC at risk."
The rejection is the second blow for Hull in their search for a new halfback after 20-year-old Jacob Miller turned them down after seeking advice from his new Wests Tigers coach Mick Potter, the former Bradford boss.