Collingwood insist Dayne Beams' hopes of playing for Brisbane in 2015 are officially over.
The AFL trade period doesn't finish until Thursday, but the Magpies had set the Lions a deadline of 5pm AEDT on Friday to broker a deal for Beams.
The Lions' offer of picks No.5 and No.25 was knocked back.
Beams is contracted to the Magpies next season, but requested a trade as he wanted to play alongside brother Claye at the Lions.
"Negotiations with Brisbane have ceased," Collingwood claimed in a statement.
"The club remains open to offers from other clubs for Dayne, if that is his wish.
"If not, at the conclusion of the trade period the club will look to sit down with Dayne to prepare for the 2015 season."
The statement added that the Lions "pursued the contracted 24-year-old All-Australian midfielder but, ultimately, didn't value him as Collingwood does".
The two clubs have been butting heads since Beams made his initial request over two weeks ago.
Lions recruiting chief Peter Schwab admitted earlier on Friday there was a definite impasse.
"At the moment, they're not shifting and there's not much we can do. ... We hope with a bit more time they may, but our deal is still on the table and remains on the table," Schwab told AFL Trade Radio.
"We can't do anything more, we can't add to it.
"We won't change it. We think it's as good as we can possibly do."
Essendon and Port Adelaide also remain deadlocked over gun ruckman Paddy Ryder.
Ryder is contracted to the Bombers until the end of 2016 season, but wants out due to the club's supplements scandal.
Ryder's manager Paul Connors suggested on radio station 3AW that his client could retire if the Bombers don't budge.
"He's not going back to Essendon at all," Connors said.
"The last two years ... (have) been really hard and difficult on him.
"I think he feels let down by the club.
"The sad thing is if this doesn't end up well Paddy could be lost to football."
Friday's only trade featured Joel Patfull, a two-time best and fairest winner at Brisbane, joining Greater Western Sydney.
The two sides completed the trade on Friday, with GWS handing over pick No.21 for key defender Patfull.
The Lions will next week use that draft selection to recruit Geelong's Allen Christensen, provided he passes a medical test.
A deal is also imminent for Melbourne's retired ruck-forward Mitch Clark to become a Cat, while former Melbourne captain Jack Trengove is reportedly considering a move to Richmond.
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