The Turkish side were prepared to meet Bayern's valuation with a fee in the low double-digit millions, matching the German club's desire to recoup a portion of the 15 million euros they invested in Zaragoza in February 2024.
However, the deal collapsed after Zaragoza personally turned down the opportunity to join Jose Mourinho's squad.
This marks the second failed transfer attempt for Zaragoza this summer, following a breakdown in negotiations with Celta Vigo.
Posts on X dated 19 July, revealed that Celta Vigo's deal fell apart after Zaragoza changed agents, disrupting talks that included an option or obligation to buy.
Bayern, known as Die Rekordmeister, are eager to move the Spaniard, who has struggled to make an impact since his early arrival from Granada to cover for an injured Kingsley Coman.
As pre-season looms at Sabener Strasse, Zaragoza's future remains uncertain, with the club determined to resolve the situation by August's end.