Luis Ortiz's promoter has revealed the Cuban heavyweight will not challenge Anthony Joshua on June 1 at Madison Square Garden.
Joshua, holder of the WBA, IBF and WBO heavyweight titles, is searching for a new opponent ahead of his United States bow because of Jarrell Miller's reported multiple drug test failures.
Ortiz, who has won his last three bouts since suffering the only professional defeat of his career to WBC heavyweight champion Deontay Wilder last year, was among the frontrunners to step into the breach.
But King Kong Boxing ruled out the prospect, accusing Joshua's promoter Eddie Hearn of making "low ball offers" and accusing him of using Ortiz as "a gimmick".
"It's a no go for June 1," wrote King Kong Boxing on Instagram.
"We just received news from promoter that it's a no go and it was all a gimmick and Hearns low ball offers will not be accepted.
"No contract even ever got sent so sorry to all the loyal fans .. Luis really wanted this title shot."
Miller's replacement is expected to be announced later this week, with Michael Hunter and Adam Kownacki said to be in contention to face Joshua.
