Gino Peruzzi has revealed it was his decision to reject Sunderland's initial offer, but stressed that an agreement could still be imminent.
The Velez Sarsfield player looked set to join the Black Cats after a deal was agreed between the two clubs, but the 21-year-old could not settle upon terms with the Premier League side.
"There was an agreement between both teams, but I had to analyse my contract," Peruzzi told reporters after Tuesday's training session.
"Together with my family we decided that it wasn't what we expected, and that's why we said no."
"It's not true that my agent asked for a higher commission, those were lies.
"It's the player who decides if he wants to be transferred or not, according to the contract that you are offered, and for the moment I decided not to accept it".
But Peruzzi has not ruled out a move to Sunderland, even going so far as to suggest an agreement could have been reached between the club and his agent on Tuesday while he was busy training.
He added: "It's not that I don't want to go to Sunderland - it's a team in the Premier League, one of the most important leagues in Europe. I am willing to listen to a new proposal.
"For the moment I don't know what has happened today because I have been all the morning training. Once I get home I will have a word with my agent.
"For what I hear from the press, it seems as though there is now an arrangement, but I will know it once I get home and talk with my agent."
The Football League has stated it had reluctantly approved the Sky Blues' application to play their home games at Sixfields Stadium for an initial period of three seasons, although it could stretch to as many as five.
It comes after Coventry revealed plans to move into a new stadium claiming they had been given no choice but to leave the Ricoh Arena as their lengthy and bitter rent row with stadium management company Arena Coventry Limited (ACL) rumbles on, with the proposal to ground share while it is being built.
From the start of the forthcoming 2013-14 campaign, City will play their home matches 34 miles and 39 minutes away across the M6 and down the M1.
But it is a move which has been met with anger from the vast majority of Coventry supporters, who have vowed in large numbers not to travel to Sixfields.
And a statement from their leading supporters' club read: "The Sky Blue Trust is disappointed, dismayed and angry about the announced move for Coventry City to be uprooted and to play its 'home' matches 35 miles away in Northampton for up to five years.
"The dispute between Sisu, the ultimate owners of CCFC, and the Ricoh Arena operators, ACL, has gone on for an interminable time but this latest unnecessary move is a dagger blow through the hearts of thousands of Coventry City supporters.
"While Sisu insist this move is vital for the club to survive, the Sky Blue Trust maintains that exactly the opposite is true - this move could well destroy our club."
