The director of the Rio de Janeiro club stated that the Argentine midfielder was unhappy with the club's defeat on Thursday and declined a move to the Engenhao
The Rio de Janeiro club had lined up a move for the 34-year-old Argentine as they are keen to add a high-profile playmaker to their ranks.
However, Zinho claims that Flamengo's 3-0 defeat against Corinthians on Thursday made Riquelme have second thoughts about joining the club, while also ruling out a move for Wolfsburg star Diego.
"Our priority was Diego, but since it was not possible because of financial reasons, we had to look at other possibilities," Zinho is quoted as saying by Lancenet.
"Riquelme would have worn our No.10 shirt, but he is not going to come after all. His agent has just told me that.
"Flamengo would have given him a two-year contract, but he saw the game against Corinthians, which made him very insecure about this move.
"His reason for not accepting the transfer was based on footballing questions."
Flamengo lie in 10th position in the Brasileiro, with 15 points from 10 matches.