Birmingham City have sent striker Christian Benitez back to parent club Santos Laguna.
Birmingham decided against making the move permanent as they felt the £7 million asking price was too high.
Manager Alex McLeish told the Birmingham Mail: "We did have an agreement that the previous board put in place. Chucho (Benitez) did very well for us. I am sorry to lose him but the deal was just too rich for us.
"My task now is to find someone who can do a better job. I have got to try and find a player who can be even better than Chucho."