Swansea City were also keen on the former Portsmouth defender.
The Besiktas manager is quoted as telling the paper that if the moves had come earlier in the transfer window then Tosic would probably have been sold.
However the club have something of an injury problem in the defence so decided they could not let him go.
Tosic may be a name vaguely familiar to English football fans.
He signed for Portsmouth in February 2010 but his registration was withheld by the Premier League due to Pompey's financial situation. He headed to QPR on loan and never played a game for Pompey. After repairing his reputation back in Serbia he impressed at Genclerbiligi before joining Besiktas last summer.
Aston Villa could have used a defensive reinforcement in the winter and Sunderland were making no secret of their desire to strengthen. Swansea City, also in a relegation fight, could have done with some recruitment in the area as well.
Tosic will instead be tasked with playing with more regularity in Turkey.