Prior to the Olyroos trip to Beijing, McClenahan was linked with a move to the Newcastle United Jets, but no contract deal has been offered.
Speaking to the Australian FourFourTwo magazine, Jets' coach Gary van Egmond said: "Trent McClenahan won't be signing with us.
"I have heard he is keen to come back to play in Australia but to be honest I think we're pretty much done and dusted when it comes to the full-back positions.
"It'll be interesting to see what happens (with McClenahan) though."