McCoist was attempting to get the 33-year old Scottish striker back to Ibrox for a third stint but he instead penned an extension on his Designated Player deal with the Whitecaps.
McCoist was slightly disappointed to miss out but says he will now focus on other transfer targets.
"Kenny's chosen to sign another contract with Vancouver," he said.
"That's fine, we wish him well and we'll move on.
"I wanted Kenny but I've been in it long enough not to get too downbeat. I've not had a chance to speak to him. The time difference doesn't help.
"But if there's another striking option we can bring in then we'll look to do that."