Danny Swanson impressed on loan at Saints last season.
St Johnstone look set to miss out on their main summer transfer target.
Perth boss Tommy Wright has been keen to lure Danny Swanson back to McDiarmid.
But talks between Saints chief Steve Brown and the winger’s representative have failed to pave the way to a deal.
Saints had been close to securing the former Dundee United attacker on a season-long loan from Coventry City before the Sky Blues cut him loose on deadline day.
Wright had hoped to secure the 28-year-old on a long-term contract after Swanson impressed on loan last term.
The player indicated he was keen to speak to Saints about a return to Perth and despite other irons in the fire he stood by an earlier pledge to discuss a potential McDiarmid deal.
But it is understood the terms tabled by Saints have failed to secure Swanson’s signature and the winger is weighing up his options.
