Robert Plant allegedly "tore up" a deal offered to him worth over £500 million to reform Led Zeppelin.
The legend stunned promoters of a proposed tour which would have seen the group perform 35 dates in three cities for the paycheque by refusing the deal, even though Jimmy Page and John Paul Jones had all signed on, alongside Jason Bonham.
A source explained to the Sunday Mirror newspaper: "Jimmy, John and Jason signed up immediately.
"It was a no-brainer for them but Robert asked for 48 hours to think about it. When he said no and ripped up the paperwork he had been given, there was an enormous sense of shock.
"There is no way they can go ahead without him.
"They have tried to talk him round but there is no chance.
"His mind is made up and that's that."
Sir Richard Branson was the man who made the offer, which would have seen a Virgin Jumbo jet rebranded The Starship to carry the group for the tour, with the back 20 rows being sold for £100,000 a seat.
The source continued: "Branson tried to pull out all of the stops. But even his money was not enough to get Plant to sign up. He is gutted."
One insider said that Jason would receive a wage, with three founding members receiving £250 million for 35 shows in London, Berlin and New Jersey, with an additional £70 million in merchandise profits.
An option to do 45 more gigs in five venues was also on the table.
Robert's previously insisted he has no interest in getting back on-stage with his former bandmates again.
Speaking about the chances of a reunion he'd said: "If I really wanted to be loved by the public, I know what I'd have to do, which I'm not going to do - so I have nothing to lose.
"Anyone who is famous is dealing with the same s**t. It's just a question of how you deal with it. Now I can see how ridiculous I am, or at least, was. Am I a pop singer, a rock singer, the guy from Led Zeppelin? Actually I'm just a bloke with the facility to get out all these emotions within the musical company I'm keeping. And I'm burning every bridge as I go."
Tagged in Jimmy Page Sir Paul McCartney Robert Plant