Coyle was hoping to snap up Park in the Football League loan window which runs until the start of November, but has now admitted a deal for the South Korean international would prove to expensive.
"We've spoken to Arsenal about Park, and the discussions regarding the footballing side went very well," Coyle told the Lancashire Evening Post.
"Jonathan (Jackson, chief executive) was also having discussions with the financial people at Arsenal, but I think the package was just a little out of our reach at this moment in time.
"What people have got to understand is that, while we are looking to bring in very good players - which we have done - we will only pay Championship salaries, albeit with incentives and bonuses to do well.
"The players we have brought in have all come within our budget, and that will continue to be the case."
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