Sky Sports claims the 23-year-old could have banked around £30 million from the move, with the Langfang-based side "willing to meet Rangers' valuation" of the player - although no official bid was received by the Ibrox side.
Morelos had been linked with a Gers exit after scoring 30 goals for the Light Blues last season with clubs such as Crystal Palace, Newcastle, West Ham, AC Milan, Eintracht Frankfurt, Galatasaray and Lille among other clubs in the last six months or so.
However, the former HJK Helsinki striker is understood to have rejected the move to the Chinese Super League. Follow-up reports from Sky Sports suggested Morelos would have earned around £10 million a year before tax.
Odds on Morelos swapping Scotland for China plummeted earlier this week, with one bookmakers' odds dropping from 20/1 to 7/1 overnight. The striker is contracted to Rangers until June 2023.
The Chinese transfer window closes later today.