Otto Wallin held talks with Anthony Joshua's team about a fight date and purse, but the Swedish southpaw was considered "too much of a risk", says his promoter Dmitriy Salita.
Wallin was on a shortlist of opponents for Joshua, which also included Australian Demsey McKean, but the British star has now agreed to face American Jermaine Franklin in his next fight in London on April 1.
Salita has revealed that he discussed details of a Joshua vs Wallin fight, although this bout was not given the green light by the former world champion, who has been working with a new trainer, Derrick James.
"Yes Otto was definitely in the mix," Salita told Sky Sports.
"There were discussions about purse, date etc. I believe there are lots of moving parts and with a new trainer, Otto was too much of a risk."
Wallin still remains in contention for a big-name fight and sharpened his skills with a dominant points victory over Helaman Olguin last weekend.
"Otto is one of the most dedicated fighters to the sport I have ever met," said Salita. "The prime example of it is his fight last week.
"Instead of wallowing in disappointment and just waiting for a pay day, he got back in the ring to stay active and keep improving.
"He loves the sport of boxing and wants to be the best. Maybe that's why he is the most avoided and feared fighter in the division.
"Several big fights just missed him by a thread. The most challenging of which was when he was on the way to the airport after completing a full training camp and got the call that [Dillian] Whyte was injured and the fight is off."
Wallin remains open to a rescheduled fight against Whyte, while he would also be interested in a clash with rival contender Joseph Parker.
The 32-year-old's ultimate aim is a rematch with Tyson Fury, who inflicted his only defeat by points following a bloody battle in 2019.
"Otto is staying active while exploring big fight opportunities. When it comes, he will be ready," said Salita.
"Otto would definitely fight Whyte, there is some unsettled business from Otto's side.
"Joseph Parker can also make sense this year.
"The winner of these fights would make himself the optimal choice for the title fights.
"Otto wants to get that rematch with Tyson very badly."