Striker Iain Hume has been taken off the transfer list by Preston North End.
The 29-year-old is on a lucrative contract at Deepdale and was told he was free to leave as the League One club looked to reduce their wage bill.
But boss Simon Grayson told
BBC Radio Lancashire:
"It's positive news that we've managed to structure a deal where Iain will stay at the football club."
Hume has not played for North End since April 2012
spent most of last season on loan at Doncaster Rovers.
Preston - who
signed ex-England striker Kevin Davies
on Wednesday - were a Championship club when
Canada international Hume joined on a permanent basis
in January 2011, but their subsequent relegation and two unsuccessful seasons in the third tier have resulted in a sizeable cut in their playing budget.
Preston manager Simon Grayson
“When I told him what I'd like to do, he was chuffed to bits because he enjoys playing at Preston and the fans have got a good relationship with him”
The club were keen to offload Hume, one of their highest wage earners, although Grayson believes he has lots to offer on the field and added he would have only departed because of financial issues.
"That was the only reason why he was probably going to leave the football club," said the former Leeds and Huddersfield manager.
"I had a chat with him in pre-season and told him that I like him as a player and would like him in my team, but
the finances would make it difficult for him to stay.
"He never wanted to leave the club. He was very sympathetic when I spoke to him at the start of pre-season about the issue and he fully understood it. He's not a 16-year-old kid who's just coming into the game.
"When I told him what I'd like to do, he was chuffed to bits because he enjoys playing at Preston and the fans have got a good relationship with him.
"He was part of a [Doncaster] team that got promoted last year and hopefully he can make that back-to-back promotions."