Watford chairman Scott Duxbury has denied reports that the club will not spend money on transfers this summer.
The Hornets reportedly pulled out of a deal for Hull City's Jacob Greaves after being asked to pay between £5m and £7m.
"That is simply made up," Duxbury told the Watford Observer. "I find it really annoying having to explain a situation about a player that we've never even enquired about.
"That player wasn't even on our radar. Rob chose the player he wanted to sign, we went and started work on that. It's Rob choice, and I'm certainly not going to suggest he should sign someone else just because it means we have to pay a big fee for a player to show we're willing to spend. That would be madness.
"Rob narrowed his search down to two players, both homegrown, left-sided defenders. He then selected the one he wanted, and we are working on that deal. The player you mentioned didn't come into our considerations. I wouldn't know what fee is being asked for him because I never made any enquiries about him."