West Ham have agreed a deal to sign Argentine forward Jonathan Calleri on loan, but they won't be making a move for Lyon striker Alexandre Lacazette.
Speaking at a news conference ahead of their Premier League opener against Chelsea, manager Slaven Bilic also confirmed he hoped to add another signing before the transfer window closes.
Calleri is currently on international duty with Argentina, who failed to reach the knockout stage at the Olympics, and West Ham expect the 22-year-old to arrive in London next week.
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The Hammers boss also ruled out a move for Lacazette, a player who was the subject of interest from Arsenal.
"One hundred percent not," he said when asked about the Frenchman. "We need a squad but I'm happy.
"We signed Calleri, unfortunately for him but good for us Argentina were knocked out of the Olympics last night, they didn't pass the group stage so he should be here with us -- not today, not tomorrow, but pretty soon, depending on work permit or whatever.
"We did the deal not a long time ago but not yesterday, and he is a top striker as well. You need a squad, of course you need a squad but it is about the balance."
Calleri moves from Uruguayan club Deportivo Maldonado, known for stockpiling players who never play for the club, as was the case with Geronimo Rulli, who joined Manchester City last week before going on loan to Real Sociedad.
He spent the past six months on loan with Brazilian giants Sao Paulo, where he scored 16 goals in 30 appearances.
Calleri had previously told ESPN in Argentina: "The deal is done. It is sure that I am going to play at West Ham. All that is left to finish is the work visa and if there are no other problems, if all goes well, I will be playing there. Playing in Europe has always been my dream.
"It is a league that has everything, great players, great managers. I would like to be able to perform at that level and that is why I want to go there."
So far this summer West Ham have signed Sofiane Feghouli, Havard Nordtveit, Ashley Fletcher, Arthur Masuaki and Andre Ayew.
Bilic also confirmed Dimitri Payet is available for selection against Chelsea but may not be capable of playing a full game.
"He came back in really good shape so he doesn't need a long preseason individually," Bilic said. "He's not fit for 90 minutes, so we will see, but he came back in really good shape, motivated and everything."