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Paul Scally says Gillingham are already moving on to other targets after being blocked in their pursuit of striker John Marquis.
The Gills were priced out of making a move for the Millwall striker after the London club offered the player a sizeable package to stay.
Millwall announced on Tuesday that the player had signed on for another year.
Gills chairman Scally said: “We liked John and told him we would like him to stay. The problem was that Millwall had a year’s option and to retain any perceived value they may have on his contract, they had to exercise that option by May 15. They did that.
“It meant they then had to offer him a contract for the same or more terms than he was on, which was quite a high contract. On the basis of those costs, we wouldn’t have taken him anyway.
“John didn’t have a say in it because Millwall exercised the option.
“John now is probably going to either stay at Millwall, or get sold, if a club comes in for him.
“He is a contracted player for Millwall and irrespective of whether we want him or not, he would have to be sold and we would have to pay a considerable contract to get him.
“We have moved on. There are many, many strikers we have been offered. Whether we like John or not, he is not a player we are pursuing now.”