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Lamine Camara will be staying at Monaco after the Senegal midfielder's £47.1m move to Chelsea collapsed.
The 22-year-old completed a medical in France earlier on Tuesday evening, but his switch to Chelsea fell through shortly after the transfer window closed at 23:00 BST.
They had two bids rejected by the Ligue 1 side before Monaco eventually lowered their asking price when Folarin Balogun's move to Everton came into renewed doubt.
Chelsea fully expected the move to go through, and had already sanctioned Enzo Fernandez's joint-British transfer record £125m switch to Manchester City in anticipation of Camara joining.
But Chelsea were left furious when the club say they were informed by Monaco in writing that a deal for Camara would not go ahead.
While Chelsea say no explanation was provided, sources with knowledge of the situation have told BBC Sport that they believe Monaco's stance was influenced by Everton's proposed move for United States international Balogun.
Chelsea left dumbfounded
Having previously struggled to agree a deal for Camara, Chelsea made a breakthrough when reports claimed Everton's move for Balogun was in doubt.
Sources in France had stated Monaco needed to make a major sale this summer and preferred to sell Balogun. A source at the Ligue 1 club had previously indicated it would take a "substantial fee" to secure Camara's departure.
Camara featured in Monaco's 2-0 win over Marseille on Sunday evening, while Balogun was left out of the squad.
Yet, when doubts emerged over Balogun's proposed move, Monaco's asking price for Camara appeared to fall, making a move to Chelsea more achievable at £47m.
Once Balogun's transfer appeared to be back on track, Monaco appeared to renege on their decision to sell Camara.
BBC Sport has contacted Monaco for comment.
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