Cheltenham Town chairman Paul Baker has confirmed that the club has failed with bids for Forest Green Rovers striker Stuart Fleetwood and Exeter City forward Jamie Mackie.
The Whaddon Road club are desperate to bolster their strikeforce this month, but will have to look elsewhere after missing out on two of their top targets.
Baker told the club's official website: "We put in what we considered to be good offers for the two players, but they were declined on the basis that they did not match their club's valuations.
"We are committed to bringing quality players into the club and the search will go on.
"We have the opportunity during January to sign players and we can also make loan signings up until March."