Tevez is currently with home town club Boca Juniors, but he began his career in Europe with West Ham and the East London club was keen to get him back to help them push on from their impressive Premier League campaign last season.
Club chairman David Sullivan reveals the striker turned down an offer £150,000 a week, indicating he would only make the move back to England for nearly twice that amount.
"We tried to get Tevez but he wanted £250,000 a week. In his last year at Juventus, he was great. But 250 grand a week?" Sullivan told the Daily Mirror.
"He'll probably stay where he is now, but he doesn't pay a lot of tax down there."
Tevez is a big fan favourite at West Ham, despite his relatively short stay at the club, and the former Argentina international has always spoken of his admiration for the club, but Sullivan is unconvinced he actually means what he says.
"All this business 'I love West Ham.' Well, it's 'I love West Ham if they give me 250 grand a week.' So how much love is that for West Ham?" he added.
"I actually offered him 150 grand a week to come back, plus bonuses. I thought that was an incredible offer for someone who loves West Ham. It wasn't a publicity stunt, I saw him being our No.1 striker.
"I was hoping he would reproduce what he did at Juventus a year ago. He was a fantastic player. But where do you draw the line with what you are prepared to pay?"