The £5 million arrival of Arouna Kone at Goodison Park has cast doubt over the Croatia international's future but the German club have revealed a deal would be difficult to finance
The Croatian international, who signed from Rangers in 2012 for £6 million, has been linked with a move away from the club after netting just seven times in the Premier League last season.
Hamburg last week confirmed their interest in the 27-year-old but have now revealed a deal would be too expensive to complete.
"It is still a fact we first have to sell a couple of players before we can dig into buying any new," Hamburg general manager Oliver Kreuzer told Bild.
"And as far as I am concerned we will be unable to finance a deal with Everton FC for him [Jelavic]."
Jelavic’s Everton career got off to a fine start – scoring nine in his first 13 league games – but he ended last season playing second fiddle to Victor Anichebe, and the striker’s position in the team has been cast into further doubt by the arrival of Arouna Kone from Wigan.