Wolves have pulled out of a move for Rangers midfielder Alan Gow after the player failed a medical.
The 26-year-old had agreed a transfer to Molineux after Rangers accepted a fee reportedly in the region of £250,000.
Wolves manager Mick McCarthy said: "Alan has gone back to Rangers. We'd agreed everything with him but something has shown up in the medical which we are not completely happy about.
"It's nothing serious, it's something bio-mechanical but that's something for Alan and Rangers to sort out, not us.
"He's a good player who would have added to the squad but that's not going to happen. In a way this is a credit to our medical team and how thorough they are.
"There's still plenty of time left in January and hopefully we will strengthen.
"We have a squad of players who have been doing well but of course we will continue to try and bolster the squad."
McCarthy, who previously tried to sign Gow 18 months ago, ruled out resurrecting the deal before the transfer window closes but may pounce again in the summer.
"I don't know what will happen in the future but it's not going to happen in this window," he added.
Gow has made only two appearances for Rangers - both in cup competitions - since joining from Falkirk in the summer of 2007. He was deemed surplus to requirements at Ibrox and spent the first half of this season on loan at Blackpool.
It was the second blow in less than 24 hours to the Glasgow club's attempt to trim their wage bill in the January transfer window following Birmingham City's decision to withdraw from a £3million-plus deal for Kris Boyd.
Rangers are desperate to raise around £4million in January to reduce their debts and also want to cut an annual wage bill of £5million to £7million. Manager Walter Smith recently said he would be prepared to allow up to 10 of his first-team squad leave.
He and chairman Sir David Murray have insisted the departure of top scorer Boyd would have been sufficient to put the club back on an even keel financially, meaning other star names would not need to be sold.
And while Gow would have only brought in a six-figure sum, today's news will fuel speculation an asset such as captain Barry Ferguson, defender Madjid Bougherra or goalkeeper Allan McGregor will now need to be sacrificed.
Striker Boyd's move to St Andrew's broke down over his wage demands and he was today linked with Wigan. But Latics boss Steve Bruce said: "We've heard all the tittle-tattle. I've been told this morning I've been linked with Kris Boyd at Rangers.
"It is the first I've known about it. I read he was in Birmingham yesterday so perhaps they've got me mixed up and still think I'm the Birmingham manager."