Foran has been placed on the transfer list by Southend boss Steve Tilson after failing to establish himself at Roots Hall.
He had a spell on loan at Darlington last season and Aberdeen had been considering a move for him this summer.
The Scottish Premier League side have now decided not to pursue the 27-year-old further, although their reasons have nothing to do with money.
Director of football Willie Miller told the club's official website: "I can assure our fans that there were other factors behind the decision to drop our interest and nothing whatsoever to do with finance.
"Furthermore, the player was just one of a number of potential targets that we are assessing at present and we will continue to closely monitor the situation with the aim being to secure as strong a squad as we possibly can within our budget constraints.
"We've already brought in Gary McDonald. Bertrand Busso and young Sam Stewart as well as re-signing Lee Miller ad Stuart Duff, and undoubtedly there will be further news in the weeks ahead.
"There have been a substantial number of players mentioned in the media who we're supposed to be interested in, many of them very wide of the mark."