(CNN) -- Manchester City have had a reported £15 million bid for Blackburn Rovers striker Roque Santa Cruz rejected, manager Mark Hughes said on Thursday.
Manchester City must decide whether to try to make it third time lucky in their bid to sign Santa Cruz.
City supremo Hughes confirmed that his cash-rich club had failed in their latest attempt to land the Paraguayan star with an offer "significantly higher" than the £12 million deal proposed last summer.
It was Hughes who signed Santa Cruz for Blackburn and he desperately wants the player to follow him to City who are currently just two points clear of the Premier League relegation places.
"We have made an improved bid, a substantial bid for Roque Santa Cruz but it was rejected," Hughes told PA Sport. "We made a bid in the region of £12 million in the summer and it (the new bid) is significantly higher than that.
"We still want to bring him to the club if we can but he is Blackburn's player and they don't want to deal at the level we have bid. That is their prerogative," added Hughes.
Meanwhile, David Trezeguet's agent claims City are interested in the 31-year-old Juventus striker who is sidelined until next month with a knee injury.
Agent Antonio Caliendo told L'Equipe: "A man close to Manchester City called me some days ago to tell me of his interest in David.
"I believe the club are ready to put on the table a bid of more than 20 million euros to get him. Manchester City's interest isn't new. It happened last year."
However, Hughes could also draw another blank if he does chase Trezeguet who is apparently also a target for a top Spanish outfit as well as clubs from the Persian Gulf.
Trezeguet scored 20 goals for Juve last season and is under contract at the Turin club until the summer of 2011. "He will stay at Juventus through this January transfer window," insisted Caliendo.