Fulham were in talks with the Dutch giants over a move for the 23-year-old but the deal fell through on transfer deadline day.
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It’s understood that PSV pulled the plug on the deal as they were unable to find a suitable replacement.
According to Fabrizio Romano, Marco Silva’s side are still keen on signing Pepi and are in talks over a move in the summer instead.
Pepi is currently out injured until March with a broken arm, but has scored 11 goals and provided two assists in his 22 games this season.