FIFA have refused to authorise Daniel Cousin’s £3million move from Rangers to Fulham, according to the Scottish club.
Rangers chief executive Martin Bain was “disappointed” with the decision which was taken after several weeks of deliberation.
Cousin, 31, has played for two clubs – Lens and Rangers – already this season and FIFA rules prevent a player appearing for three sides in the same campaign.
Rangers and Fulham had hoped FIFA would give the go-ahead to the move due to the fact Cousin played just 20 minutes as a substitute for the French club, but their appeal has been turned down and he will stay at Ibrox for the remainder of the season.