Reading manager Brian McDermott insists the club are not in the financial position to bring Zurab Khizanishvili back to the Madejski Stadium.
Blackburn defender Khizanishvili spent time on loan with the Royals last season, notching up 15 appearances for the Championship club.
With stoppers Ivar Ingimarsson and Matt Mills currently sidelined due to injury, Khizanishvili could have provided a useful boost at centre-back.
But McDermott insists Reading, who have not received any Premier League parachute payments this season, do not have the funds to snap up the Georgia international.
When questioned over the chances of re-signing the 28-year-old stopper, McDermott told Reading's official website: "We haven't got the means to do that."
And McDermott also stood firm against the suggestion of a possible loan deal, adding: "Once again, we haven't got the means to do that."