St Johnstone striker Francisco Sandaza will not be joining Rangers after the player rejected the chance to sign a pre-contract offer.
Rangers said on Twitter on Friday lunchtime that their offer to the Spaniard had now been removed.
Sandaza's agent Clive Jagger confirmed to BBC Scotland that the deal foundered over the player's refusal to sign a deal now but not move until the summer.
Jagger had met Sandaza and his father in Madrid to discuss Rangers' proposal.
On Monday, the agent told BBC Scotland that he had spoken to Rangers manager Ally McCoist on a couple of occasions where "he asked if Fran would be interested in signing".
Jagger added that it went without saying that his client would be interested in a move to a club of Rangers' stature.
But he admitted the public nature of proceedings had not helped.
"Too many people have got involved and put rumours about," he added.
"That's why we'll get together in Madrid today to decide our strategy. But there are a number of options.
"A Major League Soccer club expressed interest quite some time ago, and that interest has grown because of his performances.
"There's also been interest from a couple of Championship clubs and I believe a Premiership club went to watch him on Saturday, but I'm realistic enough to know clubs might have 10-20 strikers on a list, and maybe 19 of those will be crossed off.
"But I don't want to name any of the clubs because I'm not sure those clubs want their interest made public, and I don't want to jeopardise Fran's chances of being signed by any of them."