Talks between the Ewood Park outfit and the 30-year-old Brazil international took place but failed to reach a successful conclusion.
Rovers had previously tried to sign Fabiano's compatriot Ronaldinho in the summer.
A Rovers spokesperson has now hinted that the club are looking to bring an up-and coming name to Ewood Park, rather than a marquee signing.
"We did talk with Sevilla about Fabiano," the spokesperson told the Lancashire Evening Telegraph.
"It was after we did not sign Ronaldinho, but we are not interested in signing Fabiano now. We want to sign a young striker.
"But there are no plans for transfers now. We still have more time."