Blues boss Alex McLeish had been keen on signing the Guinea international centre-back but the players wage demands have put an end to any possible deal being concluded.
"Bobo would be ideal for the team that I am building to get us to the Premier League but he is out of our reach in terms of finance," McLeish has said.
"That is the situation unless he comes back and says that he would be willing to play for the jersey and take a cut in what he is asking for.