The deal for Rodrigo has been called off for financial reasons, with the Blaugrana and Valencia unable to come to terms on a potential agreement.
To stay in line with the club's 2019-20 budget plans, Barcelona need to raise €128 million (£108m/$141m) by the end of the summer and, although the club have sold players and loaned out several others, they need to offload more to balance the books.
Valencia demanded a €60m (£51m/$66m) fee for Rodrigo but forking out such a sum would not have sat in line with Barcelona's financial strategy.
Because of that, the Liga champions reached out to facilitate a loan, but Valencia were only willing to agree to such a deal with an obligation to buy at the end of it.
Barcelona were not interested, as their main summer target is Inter's Lautaro Martinez, so the club fired back with an offer of €20m (£17m/$22m) to get rid of the purchase clause in the deal, which Valencia also declined.
It was at this point that agent Jorge Mendes stepped in, attempting to organise a swap deal involving Nelson Semedo, but Los Che were still unwilling to agree to anything that did not include an obligation to buy Rodrigo.
As a result, Barcelona turned towards Sporting CP midfielder Bruno Fernandes, targeting a deal that would be paid off in stages with the first payment being a small one.
The Catalan club would then have loaned Fernandes to Valencia in exchange for Rodrigo, making it so neither club would need to pay anything in the summer with both players valued at the same price of €60m.
Manchester United then stepped back in, however, and made a more enticing offer for Fernandes, one which Sporting accepted to end Barcelona's hopes of a deal for Rodrigo.
Now, Barcelona are left without a new striker, although the club are still looking to bring one in before the end of the window to cover for the long-term injury of Luis Suarez.
Loren has now emerged as their main target, with the Betis forward a favourite of new Barcelona boss Quique Setien.
However, there has been no contact between Betis and Barcelona to this point, with the forward valued at around €30m (£25m/$33m).
Rodrigo has scored two goals while providing eight assists in La Liga this season while Loren has netted eight times for Betis.