Zenit St Petersburg approached Celtic with a view to holding talks with defender Kristoffer Ajer, but were put off by the club's valuation of the 21-year-old.
The Russian giants, who were linked with a £12 million move for James Forrest earlier this summer, were said to be keen on the Norwegian international but felt the Hoops' asking price was too high, according to Championat.
Zenit reportedly made contact with Celtic but after learning of the Scottish champions' financial demands, decided not to further their interest.
The Russian Premier League side were linked with Forrest earlier this month and it was claimed they were willing to offer the Scotland international £70,000-a-week in wages.
Speaking at the time, Celtic manager Neil Lennon said: ”[Forrest] is another one that we don't want to go. [He's] a big player, a big goalscorer. He has been here a long, long time. He is under contract.
"There is no confirmation of the [Zenit interest], it's just speculation, but it doesn't surprise me.
“However, from my point of view we want James here and he is happy here as well.”