Sources close to the deal have revealed how close Franjic came to joining the A-League club, as he remains in Melbourne for rehabilitation on the jarred hip injury he sustained in the Socceroos' 2015 AFC Asian Cup semi-final win over United Arab Emirates,.
Despite initially signing off on the arrangement, Torpedo had an 11th-hour change of heart, insisting Franjic return in time for the beginning of the Russian Premier League season on 7 March.
The 27-year-old has only made two appearances for the Moscow club since joining it in August 2014, as a combination of injuries have conspired to limit his opportunities in the first team.
He is said to be unhappy about the A-League move falling through, although when contacted by The World Game Franjic claimed there was "nothing in it".