Blackburn Rovers have rejected Manchester City's improved offer of £18.5million for Roque Santa Cruz. City's fifth bid in the past six months for the Paraguay striker is expected to be their final one, with Blackburn determined to stick to their £22m valuation of the player.

City are hoping to make one last, big splash in the January transfer window, and Mark Hughes, the manager may chose to pursue an alternative striker, with Didier Drogba, the Chelsea striker, reportedly among the names being discussed.

"Yesterday afternoon we put an improved bid to Blackburn for Roque Santa Cruz but it was rejected," Hughes said.

Sam Allardyce, the Blackburn manager, also confirmed the news. "Yes, [Manchester City] have made another bid," he said. "We have considered it and it's not been accepted. They have been unsuccessful. But whether they come back before Monday's 5pm deadline, I've no idea."

However, Hughes said he remained hopeful of completing a deal to sign Shay Given, the Newcastle United goalkeeper, after the Republic of Ireland international reportedly submitted a transfer request last night.

"We have put in a bid for Shay but we are still waiting for an update," Hughes said.

Joe Kinnear, the Newcastle manager, has criticised City's attempts to sign Given, while earlier in the week Steve Bruce, the Wigan manager, claimed the club had acted unprofessionally in unsettling Wilson Palacios, who eventually joined Tottenham.

"The criticism is unfair," said Hughes.

"The Wigan stuff is a little bit bizarre. I am not quite sure where Steve is coming from. He is confusing everyone I think, including himself."

Hughes confirmed City have not made a formal approach for any players besides those made for Given and Santa Cruz, when he was specifically questioned about Kolo Toure, the Arsenal defender.

Despite what has been a frantic January transfer window, Hughes insists City's owners still have a pragmatic view of the club.

After their unsuccessful pursuit of Kaka earlier this month, City's Abu Dhabi-based bankrollers might be somewhat underwhelmed by Hughes stating his aim for the remainder of the season is for his team to stay in the top half. Yet Hughes says Sheikh Mansour understands the need for City to take one step at a time.

"The owners are very pragmatic," Hughes said. "They understand where we are in our development and have given me the means to improve the team.

"I am quite happy with that and they are happy too because they knew it was not going to be a quick process. It was a careful and considered plan that everyone agreed to."