Lalji reported that Hamilton offered the former Heisman Trophy winner a contract "in the range of $150,000 with some minor incentives" earlier this month, but Manziel and his representatives are seeking a deal within the "range of $500,000."
Lalji tweeted that the two sides were believed to have been close to reaching an agreement over the past few weeks, but Manziel's asking price far exceeds what the team is willing to pay.
Hamilton offered the former NFL quarterback a two-year contract on Jan. 7, but Manziel and his representatives responded by giving the team an ultimatum to improve its offer by Jan. 31.
Manziel's agent, Eric Burkhardt, believes that his client deserves a similar deal to starter quarterback Jeremiah Masoli -- a former starter at Oregon and Ole Miss -- who signed for just under $250,000 with incentives worth as much as $90.00 on Jan. 4. Masoli will receive a pay increase of $75,000 which could increase to $375,000 with incentives.
Manziel, a first-round draft pick in 2014, hasn't played professional football since being cut by the Cleveland Browns in March 2016. During two seasons, he threw for 1,675 yards, seven touchdowns and seven interceptions, while leading the Browns to a 2-6 record as a starter.