But Blues list manager Stephen Silvagni remains bullish about picking up Martin for nothing through the national or pre-season draft.

The failure of the Essendon-Sydney Joe Daniher negotiations meant there would be no deal as well between the Swans and Carlton on Papley.

"We always knew it was going to be difficult," Silvagni said.

"I guess it relied on the Daniher deal to go through.

"It's obviously disappointing for Tom, but really respectful towards Sydney that he is a contracted player."

Martin's immediate future remains unclear, with the Blues confident they can now pick him up in a draft for nothing.

"We have a couple of options, whether it's in the national draft or pre-season draft," Silvagni said.

"He's told us that he wants to get to our football club.

"Time will tell."

Suns list boss Craig Cameron said there was no way they would cut a deal with Carlton for Martin unless a first-round pick was involved.

"We need to let 24 hours go by and for all of us to have a think about what we do," Cameron said.

"What we have to understand there is we have a really strong hand in this year's draft and next year's draft.

"For us to trade someone of Jack's calibre, a trade coming in had to significantly change our position and improve our position and we just felt that didn't.

"He was keen to go to Carlton. Is he disappointed? Well, you could probably ask two clubs that question."

Cameron was asked if it is a risk not to trade for Martin when they might lose him through the draft.

"As I said, we have a really strong hand in the next two drafts, so you tell me the risk," Cameron said.

"I don't know if it's that, we're just telling people that we value players at certain levels and that's what it is."

Australian Associated Press