Tevez, who has not played for City since a bust-up with manager Roberto Mancini during the Champions League defeat Bayern Munich in September, had been hoping to seal a transfer in recent weeks.
But touted moves to AC Milan, Inter Milan and Paris St Germain all came to nothing meaning the 27-year-old Argentinian's career is back in limbo.
Advisor Kia Joorabchian told TalkSport radio that the deals had foundered over City's insistence on a £25 million pound transfer fee but a transfer to PSG could yet happen later this year.
"We've been in negotiations with three big clubs but I don't think they have reached the figures Manchester City want," Joorabchian said.
"Carlos will remain at Man City until the summer. They (City) would like to move him on but only at a certain price."
Joorabchian said he expected to see renewed interest in Tevez in the summer, with top European sides planning for next season's Champions League.
"This summer will open up a lot of markets. All of the big clubs are looking for players who can play in the Champions League," he said.
"Carlos Tevez is cup-tied and that creates a big obstacle. You're spending a lot of money on the transfer and the salary and he can't play Champions League.
"You have three-and-a-half months and then you can restructure your team, and buy Carlos, in the summer."
Joorabchian said he believed Tevez could eventually join French club PSG.
"PSG want to build a long-term project and I think Carlos is six months too early for them. But there is a big chance he will go there in the summer," he said.