Alan Gow's move to Wolves is off after the Rangers midfielder failed a medical at the Coca-Cola Championship club.
The 26-year-old had agreed a move to Molineux after the Ibrox side accepted a fee reportedly in the region of £250,000.
It is the second blow in 24 hours to Rangers' bid to trim their squad in the January transfer window following Birmingham's decision to pull out of a £3million-plus deal for Kris Boyd.
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