Alan Gow's move from Rangers to Burnley has broken down after the player failed to agree personal terms with the Championship club.
The 25-year-old Scotland B international looked set to move south of the border as part of the £3.5million deal that saw highly-rated youngster Kyle Lafferty join the Scottish Premier League and UEFA Cup final runners-up.
The former Falkirk striker made just two appearances under Walter Smith last season, against East Fife and East Stirling, but now looks set to remain at Ibrox.
Gow's agent Phil McTaggart told the Daily Record: "Alan will be back at Rangers next season and will report for pre-season training next Wednesday to try and force his way into Walter Smith's plans.
"There has been a great deal of talk about Alan leaving but he's opted to remain where he is and prove himself after a disappointing first season at the club."
Burnley have set a deadline of next Thursday for an agreement to be reached, but should the transfer fail to materialise, Rangers will have to pay an additional sum to The Clarets for Lafferty.
McTaggart added: "He has two years left on his contract and has the belief he can still be a success as a Rangers player."