Barnet have turned down a bid for star striker Giuliano Grazioli.
Ambitious Hornchurch, managed by ex-Dagenham & Redbridge boss Gary Hill, put in an offer in the region of £20,000.
Bees manager Paul Fairclough said: "We communicate at our football club and Graz was made aware of the situation, but he did not want to go.
"He is Barnet through and through. It's as simple as that."
Hornchurch, in the new Conference South division, have already snapped up a number of top players.
Meanwhile, Fairclough in Scotland managing the England semi-pro team for the Four Nations tournament said he would not be rushing to bring in new players at Underhill. Mark Williams and Mark Rooney were the latest to be released.
"I'm not going to panic. There are plenty of footballers on the market," he said.
"It's an honour to play for Barnet and I want to get those that will be right for this club."
The futures of the unattached Matt Redmile and Joe Gamble remain unclear.
Gamble, who is currently in Ireland, is considering his options. "I will be talking to Joe very shortly," Fairclough said.
But keeper Shane Gore will remain at Underhill after agreeing a new deal.
Meanwhile, striker Liam Hatch had a superb' debut for the England semi-pro team in the 3-2 defeat against the Republic of Ireland on Tuesday.
Fairclough said: "He can be proud of his performance."
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