McCoist has hit a brick wall in his attempts to lure Cuellar back from Aston Villa after their new manager Alex McLeish insisted he wants to assess the Spaniard in action before deciding to sanction any sale.
Rangers were given a similar message in their pursuit of Kyle Bartley from Arsenal, with McCoist now having to weigh up the prospect of having to wait until a couple of weeks into the new SPL season – by which time Champions League qualifiers will also have to be negotiated – to get his main central defensive targets.
He has moved to secure veteran David Weir on a new one-year deal, meaning that last year's partnership of the 41-year-old and Madjid Bougherra remains in place.
It is now a dilemma for the Gers boss whether to wait for Cuellar and Bartley, or move on to other options such as Danny Wilson, who has been offered back on loan from Liverpool.
On the pursuit of Cuellar, former team-mate Novo said: "This is normal for transfer dealings. There might be money at Rangers now because the club has a new owner, but you still have to get the best price you possibly can and that can take a bit of time. I'm sure, though, that Ally is desperate to sign Carlos, and I know for a fact Carlos will be very keen to move back to Rangers."
McCoist is also reported to be weighing up a new bid for Dundee United's David Goodwillie.