Bolton Wanderers boss Gary Megson has decided against offered a contract to Brazil winger Denilson, who has been on trial with the Totters.
The 31-year-old, once the world's most expensive player, had hoped to earn a chance to impress in the Premier League, but Megson has decided not to offer Denilson a deal.
He confirmed: "Denilson has been an absolute credit, but we won't be taking it any further."
The player's agent and brother, Denis de Oliveira Araujo, had previously been hopeful that his sibling would secure a longer-term stay at the Reebok Stadium.
He had said on Wednesday: "He has undergone several tests and was highly praised by the staff.
"They said that, despite not playing for a month, he has the same conditions of the other players.
"Bolton board members told us that Denilson's situation has to be settled on Wednesday and I am optimistic.
"If they do not give us an answer, then I am going to consider that the negotiation is over and, in this case, we have other proposal from another European club."