The 38-year-old Drogba, who has been linked with various clubs around the world since leaving MLS Montreal Impact in November, had reportedly agreed terms with the Australians.
However, the Melbourne club are facing some administration problems and would be allowed to play int the A-League this coming season, but rather have to wait until 2018-19.
This was a deal-breaker for the former Ivory Coast international, who now has to continue his pursuit of a new destination.