Gaichi, 21, was expected to join the Russians for €8.5m with San Lorenzo inserting a 10% sell-on clause.
However, Gaich’s camp have called off the move, citing CSKA’s contract offer as the reason.
According to Olé, the real reason may be more political as Gaich had already accepted a ‘juicy’ contract offer on Monday.
A representative from Brugge has contacted San Lorenzo president Marcelo Tinelli to confirm they will compete with CSKA.
But contrary to rumours they would match CSKA’s €8.5m bid, their offer is ‘several million’ less.
For now, nothing is certain about the future of Adolfo Gaich, who other important clubs have shown interest in.