"The negotiations haven't gone well because the London club said they will not be able to pay Mido's wages," Wasfi told FilGoal.com.
"However, Mido will be joining another club next season. He is content with the spell he had with Spurs but will move somewhere else."
The Sun said on Thursday that the 24-year-old striker is close to Fulham switch after meeting the club's Egyptian chairman Mohamed Al-Fayed.
Wasfi said Mido will decide on his next destination in the coming weeks as he has several offers from England and Spain.
Mido, who permanently joined Tottenham from AS Roma in the off-season, has been Martin Jol's fourth attacking choice behind Dimitar Berbatov, Robbie Keane and Jermain Defoe.
He is aiming to find a new club where he can play on a regular basis and regain his status in the Egyptian national team after he was dropped lately in favor of Amr Zaki and Hamburg's new signing Mohamed Zidan.