Daniel Ayala's move from Liverpool to Derby County has fallen through according to the Reds' official website.
It was thought the defender would be heading to Pride Park on loan, and the player was in Derby on Monday to complete his move.
But following further discussions between both clubs and the player it has been decided that Ayala, who is currently recovering from a hamstring injury, will continue his rehabilitation with Liverpool with a view to signing for the Rams on an emergency loan when the window reopens.
Derby County manager Nigel Clough said: "We still want Daniel to join us and we are pretty confident that will happen, albeit later in February.
"We have had him checked over and the advice we are getting is that he won't be ready to play for a number of weeks yet.
"It makes sense for everyone involved that Daniel continues his rehabilitation with Liverpool at Melwood.
"Liverpool have been tremendous to deal with throughout this process and I would like to thank Kenny Dalglish and Damien Comolli for their help and willingness to allow Daniel to come to Derby County.
"The player himself is a great character and the time we have spent with him today showed us he is the right type of person and player we want to bring to Derby County."