Kenny Miller has reportedly turned down the opportunity to join Birmingham after the Premier League club had a bid accepted by Rangers for the striker on Friday.
Birmingham are looking to Miller to help solve their goal-scoring problems but according to the Guardian, the 31-year-old will instead look to continue his career in continental Europe either now or when his contract runs out at season's end.
Meanwhile, Rangers full-back Richard Foster said the potential loss of Miller would be a big blow to Rangers' hopes of retaining the Scottish Premier League title. Miller has already netted 22 goals for Rangers this term and Foster is well aware of how important he would be in the second half of the campaign if he were to remain in Glasgow.
"I think we've got a better chance of winning things with Kenny still here,'' said the on-loan Aberdeen full-back. "I'm glad that decision is not mine to make and I'm sure whatever happens, the rest of us will just have to get on with it. But I would like him to stay.
"Everyone has seen what Kenny has brought this season with his goals but he brings more than that, he's a clever player and he brings other players into the game. Especially this season, he has been a massive player for Rangers.''
Goalkeeper Allan McGregor has also been linked with a summer move south of the border and Foster knows his departure would mean the loss of another crucial member of the squad.
He added: "I don't think there is a better goalkeeper in Scotland than Allan McGregor, I don't think there is a better Scottish goalkeeper. These are big players and, if we want to win things, I think we need to keep hold of them.''