Rangers boss Ally McCoist is believed to have targeted the former Fulham man as he seeks a replacement for Madjid Bougherra.
McCoist is determined to bring in a new defender after seeing his options decimated by a spate of injuries and was hoping to land Bocanegra before the Europa League deadline so that he could face Maribor on Thursday night
However, St Etienne coach Christophe Galtier is keen to keep hold of United States international Bocanegra and has no plans to sell the 32-year-old.
"Rangers may want Carlos but we don't want to sell him," Galtier is quoted as saying in the Daily Record.
"He's under contract to us so we decide whether or not to sell.
"I don't want to sell him. He's an important member of my team and I want him to stay that way."