Leicester City have seen club record bid of $21.6m (£18.7m) rejected, which was an improvement on the original offer of $21.6m (£15.1m).
The Premier League leaders have approached CSKA Moscow with three bids for forward Musa, 23. But all of their bids have been rejected and the Russians are standing firm and adamant they won't sell until the summer.
The 23-year-old was believed to be open to a move to the Premier League leaders.
Leicester are expected to return with an improved bid for the player before the transfer window closes today.
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