Nottingham Forest owner Fawaz Al Hasawi has claimed that full-back Lee Peltier has not joined the Reds from Leeds United despite both clubs announcing the move on Monday afternoon.
Forest said the 27-year-old had signed on loan until the end of the season.
The move seemed set to reunite Peltier with his ex-boss Neil Warnock, who was expected to be named as the Reds boss.
But Warnock has turned the job down and Al Hasawi told BBC East Midlands Today: "He [Peltier] did not sign."
Bolton could now be a possible destination for Peltier, who has made 27 appearances for the Elland Road side this season.
BBC Radio Manchester reports Wanderers are looking for defensive cover following Alex Baptiste's red card in Saturday's 2-2 draw at Yeovil.