Spurs were negotiating a deal for the Portugal international into the final hours of the window but failed to agree terms with Moutinho before the window slammed shut.
The club was expected to make a fresh approach for Moutinho in January but Villas-Boas says that move is now very unlikely to take place.
"We were prepared for missing out on that player," he told reporters.
"We set our sights on that player in the end of the transfer window - we couldn’t conclude the deal but we were ready if that failed."It’s not likeable that we go back in January. Generally the market is very difficult and very expensive."
The return of Scott Parker from injury is a welcome boost in the centre of midfield and another reason Villas-Boas feels he doesn't require Moutinho's services.
He continued: "It’s highly unlikely that we will continue to pursue that transfer because by then we will have Parker coming back, and he’s a player that we want to come back as soon as possible.
"He’s a player who had maximum importance for this club last season and we feel that he can add so much to the squad that we are waiting for the moment when he can come back, so it’s just a question that we have to reassess at that time."