PSV announces that the transfer of USA forward Ricardo Pepi to Fulham is no longer proceeding.

PSV Eindhoven announced on Saturday that the anticipated transfer of United States striker Ricardo Pepi to Fulham this summer has been canceled after the clubs failed to reach an agreement on a crucial matter late in the negotiations.

Last week, ESPN reported that Fulham had a bid of approximately €40 million ($46m) accepted by PSV. Following this, Pepi traveled to London to undergo a medical examination with the Premier League side.

Fulham had previously attempted to sign Pepi in January, but that deal fell through due to a discrepancy in valuation, as PSV was also looking for a replacement at that time.

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A transfer appeared to be on the verge of completion ahead of the summer transfer window reopening, but PSV’s director of football affairs, Earnest Stewart, stated that the clubs could not agree on when the deal would be finalized. Fulham reportedly wanted to maintain the option to withdraw from the agreement if Pepi were to sustain an injury before the window opened.

“Ultimately, no consensus was achieved regarding the timing of the player’s responsibility transfer,” Stewart explained.

“We had already been in discussions with Fulham during the winter break when they attempted to finalize the deal just before the transfer window closed. At that time, we were unable to secure a replacement, which prevented the transfer from occurring. However, discussions resumed a week later, and the process started again.

“The matter of player responsibility was a significant detail throughout the negotiations. We did make some progress, but ultimately, we remained too far apart.”

Pepi sustained a broken arm in early January but has netted two goals in four matches since his return at the end of last month. The 23-year-old also dealt with a knee injury in January 2025 that caused him to miss the latter half of the previous season.

“Ricardo was very eager for this transfer,” Stewart remarked. “This is primarily a frustrating situation for Ricardo. Naturally, we are pleased to retain a strong striker at the club.”

PSV, currently leading the Dutch Eredivisie by 16 points, will face Telstar on Sunday, with Pepi anticipated to participate. This season, he has been prolific in front of goal, scoring 13 times in 27 appearances across all competitions.

“[PSV head coach] Peter [Bosz] will need to discuss this with him, but knowing Ricardo, it shouldn’t impact him. He doesn’t harbor any resentment towards PSV,” Stewart stated.

Stewart, a former U.S. international himself, did not dismiss the possibility of the clubs eventually coming to an agreement regarding Pepi’s transfer.

“That’s something you should never rule out,” he said. “If a player can secure a beneficial move and it also serves the club’s interests, then we will pursue it.”

Pepi, who has scored 13 goals in 34 appearances for the U.S. men’s national team, is part of Mauricio Pochettino’s squad for upcoming friendlies against Belgium and Portugal at the end of this month.

ESPN’s Tom Hamilton contributed to this report.