The Scottish champions had been in discussions with the Argentine club over a permanent move following his impressive loan spell last season.
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However, the Uruguay international revealed that, despite his efforts to make the transfer happen, a return to Parkhead is no longer on the cards.
“My agent and I did absolutely everything within our power to make a return to Glasgow happen,” he wrote on Instagram.
“I’m truly gutted that I won’t be able to continue at the club at this stage of my career.”