Real Madrid's bid to buy Valencia striker David Villa has foundered and Bayern Munich's asking price for Franck Ribery is far too high, director general Jorge Valdano said on Tuesday.
"We have been in talks to buy Villa the past week but there has been no agreement," Valdano said in an interview with Spanish radio station Onda Cero.
"What appeared to be well on the way to happening looks now to be falling through," he added. "If there is no accord we still have two or three more alternatives."
Valdano, who was appointed to help oversee a massive spending project to help rebuild the team under new president Florentino Perez, said Bayern were playing hardball on the Ribery transfer.
"They don't want to sell him and that's why they quoted us an astronomical price," he said.
Lyon striker Karim Benzema was another target, but there was plenty of time before the end of the transfer period to negotiate a deal for the player, Valdano said.
It appeared the club's efforts to sign Liverpool and Spain midfielder Xabi Alonso would come to nothing as the English club did not want to sell him, he added.
Real were looking to buy four or five more players following the purchase of Kaka and the record bid for Cristiano Ronaldo, but further arrivals depended on the club selling players first, Valdano said.
"There are interesting offers for some players but many of them do not want to leave," he said.
The club had received the most offers for Dutch pair Arjen Robben and Wesley Sneijder, Valdano added, but suggested the amount of money on the table was not enough.