Scott Wiseman has turned down the chance to join Blackpool after failing to agree personal terms with the Lancashire side.
The Reds board accepted a 'six figure bid' from the Tangerines last week and Wiseman travelled to the west coast for talks but they broke down after they failed to agree terms.
Meanwhile, striker Craig Davies has completed his £300,000 move to Bolton Wanderers. The Trotters activated a release clause in Davies' contract.
He has netted nine times for the Reds so far this season, including four in the 5-0 win over Birmingham City.
On the managerial front, the leading candidate for the post, Inverness boss Terry Butcher has returned to the Scottish highlands to discuss his future with the board there.
He has been in discussions with the Barnsley directors for the last two days after Inverness gave the Reds permission to speak with the 54-year-old.
Reportedly, a lot hinges on whether Butcher's assistant Maurice Malpas is willing to join him at Oakwell. A decision is expected soon.