Alvimar Perrella, president of Cruzeiro, claims Spurs have had an offer turned down for the 20-year-old, with Shakhtar Donetsk putting in the highest bid so far.
"The proposal was well short of what we expected," said Perrella. "Of course, they should return to make a new offer but, until now, no (they haven't]."
Perrella suggested a possible problem with negotiations could be Moreno only being partly owned by the club and a third party owning the rest of his playing rights.
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