Richarlison is going to sign with Spurs.
The offer was made by Spurs in writing at 4pm on Wednesday, but Kenwright thought it was not enough.
The initial £50m will be paid by Spurs with additional add-ons.
The fee for the June 30 deadline was necessary to keep Frank Lampard in the market.
The agreement was reached very late on Wednesday night and the player is going to have a medical in Brazil in the next few days.
The fourth summer signing will be Richarlison. Spurs are close on a loan deal for a Barcelona player.
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The end of the financial year is midnight on Friday, which is when the profit and sustainable rules of the premier league come into effect.
Sky Sports News reported earlier on Wednesday that the Blues were unwilling to discuss Anthony Gordon's possible sale.
One of the options the Blues are looking at to improve their front line is Richarlison.
The Blues are prepared to pay in excess of £50m to get the deal done for Richarlison's teammate Raphinha, and are also interested in Barcelona's Ousmane Dimbole.
Spurs are focused on completing the Richarlison deal and have cooled their interest in Gordon.
Gordon was not going to be sold during talks with Spurs. Spurs made a combined offer for the two players.
Alan Smith works for Sky Sports.
It's good news for Spurs.
Antonio Conte is an ambitious manager and he would have demanded money to strengthen the squad because of the strong position he is in.
The Richarlison deal is intriguing. He is a very talented boy and he has a great desire for the game. I'm sure Conte will try to get a hold of him since he can blow hot and cold.
Is he going to play there? Heung-Min Son is on the left and Harry Kane is on the right when you buy him for that amount of money.
If they can use Richarlison's abilities, that is a strike force.
The man affectionately known as O Pombo has spread his wings.
Millions of people in Brazil look up to Richarlison as a role model. He can go up the football ladder.
The club is in talks over a loan deal for Clement Lenglet, but he is not the only centre-back target.
According to a source close to negotiations, a move to Spurs is the most likely destination for the Frenchman if he leaves Barcelona this summer.
As they look to add a left-footer to the back three, not the only centre-back Spurs are making enquires about is the 27 year old.
The Spanish club made an offer to sign the Spurs defender on a season long loan.
There is no intention on the part of Spurs to allow the Brazilian to leave.
He signed a five-year contract with Spurs instead of joining Atletico.
On August 6th, Spurs will play host to Saints while on August 13th, they will play host to Blues in the first game of the league season.
The teams will play each other in north London on October 1st and January 14th, with the return fixture at the Spurs stadium.
The first game for newly-promoted Spurs will be against Forest at the City Ground on August 27 followed by a trip to West ham on August 30.
Spurs will play their final game before the World Cup in November, at home to Elland Road on November 12.
In the second half of the season, Spurs face two London derbies at home, first against West Ham on February 18 and then againstChelsea on February 25.
The transfer window will close at 11pm on September 1st.
Sky Sports has a dedicated Transfer Centre website where you can keep up-to-date with all the latest news. Sky Sports News gives you the ins, outs and analysis of sports.