Ally McCoist failed to convince Rangers chairman Craig Whyte to release funds to sanction deadline day additions to his squad, STV understands.
A meeting was held between the pair at Ibrox on Tuesday evening, with McCoist arriving with a copy of the club's injury list to emphasise his need for fresh blood.
Striker Nikica Jelavic has been sold to Everton in a deal worth £5m plus add-ons, representing the loss of a player who has scored 17 goals for the club this season.
McCoist had identified Norwich City striker Grant Holt as a replacement for the Croatian, and had hoped to get a chunk from the sale of Jelavic to table a significant bid for the 30-year-old.
Rangers instead tabled a cut-price officer for the Englishman, which was instantly rebuffed.
McCoist had other possible targets - St Johnstone’s Francisco Sandaza, Rapid Vienna’s Hamdi Salihi and Falkirk’s Kallum Higginbottom.
But the club hierarchy decided not to make a last minute move for any of the trio, with McCoist leaving Ibrox ashen-faced following his unsuccessful meeting.
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