Rayo Vallecano have postponed making a decision regarding Roman Zozulya's future at the club until a later date.
The struggling Segunda Division side summoned the Ukraine international to Madrid on Wednesday with the striker having trained with parent club Real Betis for the last month with his loan transfer to Rayo in doubt because of fans protesting against his signing.
The Rayo supporters falsely accused the 27-year-old of having links to radical groups back home, which the player vehemently denied, and returned to Seville with Rayo's permission.
Rayo, Zozulya and the player's agents Vladimir Kuzmenko and Jose Lorenzo had a meeting in Madrid that lasted almost four hours before the club issued a statement.
It said: "We announce that on Wednesday afternoon the player Roman Zozulya along with his agents met with Rayo Vallecano with a view to finding a satisfactory solution for the sides.
"Considering the important game that our team will play in less than 72 hours against Reus Deportivo, and in order not to distract the squad from this vital aim, we postpone the definite decision, hence, meetings will take place in the near future."
Rayo are in the relegation zone, 19th in the 22-team Segunda Division standings, heading into Saturday's home game against Reus Deportiu.
The Vallecas-based club parted company with coach Ruben Baraja following a poor run of results that saw the team win just three of his 13 games in charge and appointed Miguel Angel "Michel" Sanchez as his replacement on Feb. 22.
Zozulya's Spanish agent, Lorenzo, had asked Rayo for more time to work in order to find the player another club.
Lorenzo said Zozulya, who joined La Liga club Betis from Dnipro last summer and put pen to paper on a three-year contract, had been granted special dispensation by FIFA to be allowed to join a third club this season.
Rules state that players cannot register for more than two teams in one campaign and Zozulya cannot return to play for the Seville-based club until his loan move with Rayo expires this summer since the transfer window closed on Jan. 31.