The Hong Kong international, who has 26 caps and one goal to his name, had been linked with a trial at Reading, Yeung's previous Premiership target before the billionaire turned his attention to Blues this year.
One Hong Kong source said: "Chan Wai Ho is probably the only Hong Kong player who would be good enough to move to Birmingham City.
"He is a very experienced player who has played many games for the Hong Kong national team and in the Hong Kong First Division. There's a lot of potential there.
"But I don't know of any other players from Hong Kong who would be suitable for English football because they haven't got the experience and the league over here isn't very strong."
