Simon Grayson explained: "We will not speculate on players who cannot make us better. The club has obviously speculated in the past and failed big time in that area. Whatever money I spend will be spent as if my own.
"I am not the sort to go out and blow someone's money."
Of the other deals involving Leeds players that went through, Jason Crowe joined Leyton Orient, Tom Elliott moved to Hamilton Academicals and Alan Martin was released.
Left-back Fede Bessone also headed through the exit door on loan to Charlton.
United travel to Hull tonight and the home side are likely to hand a start to Cameron Stewart, who yesterday made his switch from Manchester United permanent in a £300,000 deal.
The only other transfer activity involving the Tigers on deadline day was captain Ian Ashbee moving to Preston North End, where he will be reunited with former manager Phil Brown.