Pearce claims Chelsea would look for hard cash instead of a loan deal if they wanted to move the player on.

"We have been quoted a price that is a million miles away from our budget. That is the end of it really," said Pearce.

"The message I have received from Chelsea is they do not want to loan the likes of Shaun, and I am sure the rest of their players as well.

"If there were any deals to be done then it comes down to straight finance, if they want to sell the boy."