Giakoumakis is keen to depart Celtic before the transfer window slams shut this month, with a lack of starts under Ange Postecoglou a concern for the striker.
A host of clubs are chasing Giakoumakis and he recently gave the green light to a move to the MLS with Atlanta United.
The American club though have been unable to agree terms with Celtic, according to Greek daily Sportime.
As such, Giakoumakis’ proposed move to the MLS side is off.
Japanese side Urawa Red Diamonds remain in the mix for the striker and have made him a lucrative proposal.
The collapse of a move to Atlanta United may now put the Japanese in pole position, however Giakoumakis would prefer to stay in Europe if possible.
He does have interest from France, Germany and Italy, but the clock is ticking down on the transfer window.