Manager Pat Fenlon says Hibernian are not preparing an improved bid for Lyle Taylor after Falkirk rejected an approach for the striker.
The 23-year-old Englishman scored 29 goals for the Bairns last season and has a year remaining on his contract.
"We made our interest known to Falkirk and they have declined that," said Fenlon in a Hibernian TV interview.
"It hasn't gone any further than that. That's where we've left it and we're not pursuing it any more."
Taylor was at Millwall and Bournemouth, along with several loan spells in non-league football, before moving to Scotland last summer.
And the 6ft, 2in forward was an instant hit; banging in the goals as Falkirk finished third in the league and reached the semi-final of the Scottish Cup.
Fenlon is looking to replace last season's top scorer Leigh Griffiths, who has returned to Wolves after two seasons on loan at Easter Road.
Griffiths scored 28 times last term and was named the PFA Scotland young player of the year, the Scottish Football Writers' player of the year and the Scottish Premier League's player of the year.
Last month, Wolves rejected an offer from Hibs to sign the Scotland striker on a permanent basis.
Hibs have also lost Eoin Doyle and David Wotherspoon, who were closest to Griffiths on the Easter Road scoring charts last season, with 11 and four goals, respectively.
Former captain Kevin Thomson, who had a second spell at Hibs when he agreed to play without a wage at the end of last season, is with Fenlon's side at their training camp in Spain.
He could join up with midfield signings Owain Tudur Jones and Liam Craig, while full-backs Fraser Mullen and Ryan McGivern have also been added to the squad.
On the continuing search for new recruits, Fenlon added: "We're still working away but these things take time.
"I know people get a bit frustrated but we just have to be patient and make sure we get the right players in."
Hibernian's season kicks off with a Europa League qualifier away to either Drogheda or Malmo on 18 July.