The controversial former Australian youth international scored five goals in nine games during his brief stint with the Wanderers, and made himself a fans' favourite before exiting at the end of last season after failing to agree terms on a new deal.
Despite talks of widespread interest from elsewhere, Bulut, 23, has been in limbo since.
However, he looked all set to sign with Iraklis this weekend before a report in gazetta.gr claimed the deal to the newly promoted Greek Super League team had broken down due to concerns over his performance in a number of in-house fitness tests and also his "explosive character".
The report did not elaborate but it appears coach Nikolaos Papadopoulos was unwilling to gamble on the volatile attacker.
Though both direct and dynamic on the park for the Wanderers, Bulut has often been embroiled in strife away from it, and was charged with intimidation by police and stood down for one match by the Wanderers after an incident at a McDonald's burger bar back in March.
In 2010, he was arrested over gang related activities.
During his first stint abroad, Bulut played at Czech first division club Mlada Boleslav for three years, before securing a short stint in Turkey with Akhisar Belediyespor and then Karsiyaka.
Bulut, who scored nine goals in 11 matches for the Australian that finished as runner up at the 2010 U-19 AFC Asian Cup, was signed by Wanderers to bolster their AFC Champions League campagn in January.
