The player – who has been on loan at Montpelier – held talks with the Irons over the last couple of days.
But the negotiations broke down on a number of levels with the 19 year old and the club is now looking elsewhere.
A source confirmed to ClaretandHugh the deal was definitely not going to happen but that the club was continuing to make moves in various directions.
He said: “We are pursuing various options but after talking to Niang the club have decided not to proceed.”