Confirming the news to the Official Club Website, Town Chairman David Sheepshanks said: "We made what we felt was a very lucrative offer to Franny and it was an offer that could exceed what he is earning at Blackburn - who are obviously a Premier League club.
"But unfortunately, despite our extensive efforts, we have not been able to match what the player wants financially from the deal.
"We have a duty to protect the wage structure at this club and will not put that at risk. The offer we made to Franny was a very good one in line with his status."