The LA Times has the story:
Another intense contract negotiation between Ultimate Fighting Championship and Russian heavyweight Fedor Emelianenko, considered the world's best mixed martial arts fighter, reached a quiet end Wednesday.
Emelianenko told reporters Wednesday in Orange, “The offer which was made by UFC is not interesting to us.”
UFC President Dana White and company owner Lorenzo Fertitta were unavailable for comment.
On Tuesday, negotiations briefly inspired speculation (even within UFC) that a deal with Fedor would be announced Friday.
“Nyet,” said Vadim Finkelchtein, president of Emelianenko's promotion company, M-1 Global. […]
“They took a timeout and we took a timeout,” Finkelchtein said. “We will work only on co-promotion conditions.”