Sporting Gijon striker Stefan Scepovic has pulled out of a move to Celtic.
The 24-year-old Serbia international had agreed a four-year deal with the Scottish champions, who had arranged a medical and work permit for him.
However, Celtic were informed on Sunday that Scepovic had decided against a move to Scotland.
The news will not have been welcomed by Celtic, with Monday's transfer deadline limiting manager Ronny Deila's ability to find a replacement.
Teemu Pukki and Amido Baldi could leave Celtic, possibly on loan moves, which would leave Deila short of attacking options, although the manager stated before Sunday's 1-1 draw at Dundee that Leigh Griffiths and Anthony Stokes would be staying.
The Norwegian told BBC Radio Scotland: "We need a very big and strong squad. We want to make this squad stronger. We're going to play a lot of matches.
"We're starting to get a bigger and stronger group and that's what it takes to make our goals this season."
Scepovic, capped eight times, signed a three-year deal with Sporting in July 2013 and scored 22 goals last season.
His former clubs include Beograd, Partizan Belgrade, Club Brugge and a loan spell with Sampdoria.