Former Liverpool midfielder Steven Gerrard is currently in charge of Rangers, and it is understood that the Englishman was keen to reunite with his former Reds teammate Skrtel in Scotland.
However, Skrtel's agent Karol Csonto has said that the deal quickly became "impossible" because Rangers simply could not afford to sign the 33-year-old.
"Martin would be very happy to play under Steven Gerrard but sometimes, regarding transfers, you need to put so many things together and in this situation it's impossible," Csonto told the Daily Record.
"When there is only a small difference then you can find a solution, but in this case, the salary of the player in Turkey is four or five times more than what Rangers could offer. That makes it impossible.
"Also, Fenerbahce will never let him go because he is their most important player and they need him for the Champions League qualification... Steven tried to make it happen but he had no idea about the financial situation of the player. He is trying to get the best players possible and that's why he spoke to Martin about this but unfortunately it's going to be impossible.
"Steven spoke to Martin about it before he went to went to Rangers. Eventually, the chief executives of the clubs did speak about a transfer but they both agreed the difference between them is too much."
Skrtel made over 300 appearances for Liverpool between 2008 and 2016 before leaving for Turkish football.