“We won’t complete his transfer,” Preziosi told Tele Nord. “I can’t have a player in the squad who follows one good game with two bad ones.
“A player is paid to do well in all matches and, now and again, take a break.”
Vargas, 29, made only 20 League appearances for the Grifoni while on loan as the club just avoided relegation from the top flight.
The Peruvian international’s future is now in doubt. Fiorentina signed him in 2008 from Catania for around €12m (£10.2m).
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