Western Sydney Wanderers striker Tomi Juric has rejected a record transfer to Shanghai Shenhua that would have made him Australia's wealthiest current footballer.

Fairfax Media understands a lucrative deal for Juric to join Shanghai in the January transfer window is off the table after the striker turned down the move in the hope of moving to Europe to further his development.

Wanted man: Tomi Juric (centre) celebrates his goal against Oman Credit:Getty Images

The 23-year-old appeared certain to accept an offer that would have earned him more than $3 million a season in wages, with additional benefits and bonuses that could have amounted to total earnings of $18 million over three years.

The proposed offer also included a transfer fee worth $1.5 million the Wanderers would have received just four months before the player's contract is due to expire, which means he will now be allowed to leave for free.