The Brazilian side's president admitted the former Argentina international would be a welcome addition to any club, but admitted his own lack the funds to bankroll a move
The club cited a new ideology in management and the player's steep price as the reasons behind abandoning the chase for the Argentine veteran.
“Nobody doubts that Riquelme is a great player,” Nobre told a press conference. “But there is a lot happening internally at the moment, and the club is facing financial problems.
“Palmeiras do not have the funds for a player of Riquelme's fee. Additionally, we have had no physical examinations of the player and no contact, so we do not even know if he would have been motivated [to join us].
“The fans have been pushing for him to come, and we understand that. But leaders have to take responsibility. We are doing what we think is best for the club.”