The 20-year-old forward was among Smith's top summer targets, but Rangers have refused to match Kilmarnock's asking price, which is believed to amount to £2million including performance-linked add-ons.

Rangers pulled out of the running after failing with a fourth bid, and Smith is not planning to make a fresh approach.

"We have withdrawn the offer. I cannot make it any clearer than that," he said.

"We cannot come to an agreement with Kilmarnock, so that is it finished."