Wolves defender Charlie Mulgrew has turned down the chance to join Swindon.
Robins boss Maurice Malpas had been hoping to push through a deal for the left-back after holding talks with Wolves and the player himself.
However, Mulgrew, who spent time on loan at Southend last season, decided over the weekend that it was not the best move for him at this stage of his career.
Malpas told the club's official website: "I am disappointed because we've spent a lot of time on this move and it would also have involved spending a decent amount of money.
"We thought it was the right move for Swindon Town Football Club but unfortunately it didn't go through.
"You take the good with the bad but things will move on."
Malpas is continuing to look for a left-back and right midfielder, with talks continuing to take place with two unnamed Championship players.