Alvimar Perrella, president of Cruzeiro, claims Spurs have had an offer turned down for the 20-year-old, with Shakhtar Donetsk putting in the highest bid so far.
"The proposal was well short of what we expected," said Perrella. "Of course, they should return to make a new offer but, until now, no [they haven't]."
Perrella suggested a possible problem with negotiations could be Moreno only being partly owned by the club and a third party owning the rest of his playing rights.
Meanwhile, Spurs striker Robbie Keane wants a future in coaching after he retires from playing.
The 27-year-old Republic of Ireland international will not pursue his ambition while he is playing but has revealed his ambitions to remain in the game when he finishes.
"I'm at the age now where I have started to think about it and I'd like to get into coaching," Keane said.
"It's not something I'll do now as I don't want to put any more pressure on myself and want to concentrate on playing, but it's something I'll look to do in the future."