Sporting president Frederico Varandas informed both Fernandes and United that it was impossible for him to sell the best player in the Portuguese league at the price now on the table.
Fernandes has been strongly linked with a move to Old Trafford this month with widespread reports last week suggesting that a deal was close to being agreed between United and Sporting Lisbon. Guardiola prepared to lose David Silva who will end his 10-year stay at the Etihad Stadium end of the season.
Asked on Friday whether the Lisbon derby had been Fernandes' last game, Sporting manager Silas said: "I hope not".
Bruno Fernandes: Manchester United target will play in Lisbon derby on Friday
That said, things can change quickly, and that progress, or otherwise, will largely be down to Manchester United . United's bid sits at around £40m, with £15m worth of add-ons taking the proposed deal to £55m overall.
The former Udinese and Sampdoria star has continued his fine form during the 2019/20 campaign, having scored 15 goals in 26 appearances across all competitions for Sporting thus far.
"There was a strong feeling that Fernandes had played his final game for the club on Friday against Benfica", the report from SSN read.
Sky Sports will bring you the very latest news from the January transfer market with the return of three shows. United's recruitment plan is focused on the summer and they will only add players in January if the right deal can be secured. What player wouldn't want to play in the Premier League?
Among those suffering from "raids" of players of Manchester United, the Frenchman Paul Pogba, who had a streak of injuries, the English midfielder Jesse Lingard, England defender Luke Shaw and unexpectedly, even the best scorer Marcus Rashford. So much so that they have made a massive bid of £25 million for him, if reports from Daily Mail are to be believed.