Gus MacPherson has confirmed Argentine defender Franco Miranda will not be returning to St Mirren.
The SPL outfit had hoped to agree a deal for the 24-year-old stopper, who impressed during his time on loan at Love Street.
However, MacPherson has revealed Miranda's wage demands were well above what the club were prepared to pay for his services.
MacPherson has confirmed the club remain committed to strengthening, although their budget is restricted somewhat by the current financial climate.
"In short, Franco Miranda won't be coming back to St Mirren. We had offered him a contract but initially he was looking for a 75 per cent increase on his previous deal," he told the club's official website.
"We wanted him to come back to St Mirren but unfortunately we couldn't agree on a financial package to get him here, it is really disappointing as I believe he would have been an asset for us.
"We are still looking to strengthen the squad, which we will continue to do. It is an ongoing process but like the case with Franco, when you make enquiries about players some of them don't seem to realise that the money isn't there which once was.
"Some may believe that they will get that offer that they are holding out for but it certainly can't come from St Mirren because we have to work within our financial restraints."
Meanwhile, MacPherson has received an upbeat bulletin on Chris Smith's recovery from a serious knee injury.
"We have had good news on Chris Smith's injury," he continued. "The feedback from the surgeon is very positive as he is delighted at the stage Chris has got to in his recovery process after only three months.
"It is now a case of Chris pushing forward, taking things on as he can do them and building things up. He still has a long road ahead of him to get to a full recovery but all-in-all, this is really good news for Chris."