Birmingham confirm they tried for Boselli
But they were told that Boca Juniors and Estudiantes, who jointly own the 24-year-old, would sanction only a permanent deal.
Pannu told the Guardian: "We wanted to bring Boselli in on loan with an option to purchase but because he was owned by two other clubs they just wanted to outright sell the player. Carson was willing to buy him but Alex, because he didn't know the striker, felt that if possible it would have been better to bring him over with an option to buy. And I think in that sense Alex was absolutely correct."