Luis Ortiz's camp has confirmed the Cuban will not be replacing Jarrell Miller to take on Anthony Joshua at Madison Square Garden on June 1.
Miller had been due to fight WBA, WBO and IBF heavyweight champion Joshua but the American was refused a licence after a drugs test returned an adverse finding.
Ortiz, whose sole defeat from his 34 professional bouts came against WBC strap-holder Deontay Wilder in March last year, had been touted as a potential opponent for Joshua.
But Ortiz's promoter King Kong Boxing declared the 40-year-old would not be standing in, accusing Joshua's promoter Eddie Hearn of making a derisory offer.
"It’s a no go for June 1…sorry guys we were told to stay as quiet as possible and play possum until [the] fight had been made because every time someone called Luis out it would be a gimmick to promote themselves but it still didn't work," read a post on Instagram.
"We just received news from [the] promoter that it's a no go and it was all a gimmick and Hearn's low-ball offers will not be accepted and no contract even ever got sent so sorry to all the loyal fans…Luis really wanted this title shot."