Motherwell sought high profile opposition to coincide with the re-naming of the Main Stand after skipper Phil O'Donnell, who fatally collapsed on the pitch last December.
However, arrangements for the announced match fell through, with the SPL club stating via their official website: "Despite having a signed mandate to play, the Spanish club are no-longer able to complete the fixture.
"Other potential opponents, fitting of the honour, were sought but nothing of attraction could be confirmed. The current plan is to postpone the official renaming to later on in the season when a more appropriate opposition can be found."
The Yellow Submarine, though, have a different take on the matter, having arranged an alternative date with Real Zaragoza. They insist that the matter came down to money and that Motherwell owe them an apology.
El Madrigal marketing man Sergi Vieta was quoted as saying by the Daily Record: "Two different UK-based agencies approached us about this match and in both cases we asked for a participation fee.
"But we were then told that Motherwell did not have the money by both agencies so our response was that we would not participate.
"That was end of the story. We never sent a letter of interest, a letter of acceptance or any official document.
"Villarreal are now suffering from a situation which has been none of their doing.