Rangers have pulled the plug on Nicolas Raskin's proposed move to Besiktas despite initially reaching an agreement in principle with the Turkish club.
The Belgium international had appeared to be on the verge of leaving Ibrox after Besiktas reached a verbal agreement with Rangers over a deal for the midfielder.
However, the proposed transfer has now been abandoned by Rangers.
Besiktas had offered a substantial loan fee with an option to buy Raskin at the end of the temporary spell.
Inside Ibrox exclusively revealed last night that the Ibrox club would listen to loan offers for the player, however, that stance appears to have changed after backlash on the Raskin news.
Rangers initially considered the proposal and talks progressed to the point where an agreement in principle was reported, but the club have now decided against proceeding with the deal.
The dramatic U-turn comes just hours after Fabrizio Romano reported that Besiktas and Rangers had reached a verbal agreement, with the transfer initially dependent on Raskin's decision.
Rangers reverse Besiktas decision
Romano's initial update represented a major development in the long-running saga surrounding Raskin's future.
He reported: “Besiktas reach verbal agreement in principle with Rangers for Nicolas Raskin. Deal now depends on player's decision but talks underway.”
The expectation was that Raskin would now discuss personal terms with the Turkish club before deciding whether to leave Glasgow.
However, after an hour of speculation Turkish journalist Yagız Sabuncuoglu reported that a "snag" had emerged in talks over Raskin, with Besiktas attempting to resolve the issue.
Instead, Rangers have subsequently chosen to withdraw from the proposed agreement.
The club had been open to the structure of Besiktas' proposal, which would have seen Raskin leave on loan with an option for the Turkish side to make the move permanent.
However, that position has now changed.
Fan backlash speculation surrounds U-turn
The decision has also prompted suggestions that the reaction from Rangers supporters may have played a role in the club's decision to reconsider the transfer.
There was significant frustration among sections of the Rangers support when news emerged that Raskin could leave on a loan deal with an option to buy.
The midfielder remains one of the club's most valuable assets and has been an important player for Rangers since joining from Standard Liege.
However, it is not established that fan reaction directly caused Rangers to withdraw from the agreement, and the club have not publicly stated that supporter backlash was the reason for the U-turn.
The precise reason for Rangers changing their position therefore remains unclear.
McInnes had wanted Raskin to stay
The latest development also brings Derek McInnes' recent comments on Raskin back into focus.
Speaking after Rangers' victory at Pittodrie, the manager insisted the midfielder had continued to conduct himself professionally despite the transfer speculation.
McInnes said: “Nico has been first class; I've said that on record. Since he's come back from the World Cup, he's been good as gold, trained brilliantly and with a lot of motivation. There has been a lot of chat with potential interest and a lot of conversation had with the club with prospective buyers.
“But until an offer comes in that the club needs to consider, then Nico just has to, like every other player, knuckle down and train.
“He's been brilliant, and I have no doubts if the window closes and Nico is still a Rangers player, then he will give brilliant service as he has previously.”
At the time, McInnes had made clear that he was prepared to continue working with Raskin if no suitable transfer materialised.
Besiktas' proposal initially appeared to provide Rangers with a route to move the midfielder on, but the club have now decided not to sanction the deal.
Raskin's Rangers future back in focus
The collapse of the Besiktas agreement leaves Raskin's future uncertain once again.
The midfielder has been heavily linked with a move away from Ibrox throughout the summer, but the majority of the major European transfer windows have now closed.
Turkey remains an important market for Rangers, with Besiktas having been the club to make the most significant move for Raskin.
That option has now disappeared unless negotiations can be revived.
Raskin therefore faces the possibility of remaining at Rangers after the club pulled the plug on the proposed deal.
If that happens, McInnes will have to reintegrate the Belgium international into his squad and manage a situation that has dominated much of the closing stages of the transfer window.
For now, the dramatic development is that a deal which appeared to be moving towards completion has been stopped by Rangers themselves.
Raskin's future at Ibrox is back in the balance.
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