The experienced campaigner is available on a Free Transfer having left Chelsea at the end of last season following a number of injury problems during his time at Stamford Bridge.
He has had contact from a number of clubs both in England and on the continent with one of the offers beleived to be from Bolton, but the former Arsenal man has confirmed to French newspaper L'Equipe that he will not head north to the Reebok Stadium as Wanderers backed out of their initial agreement with him due to recent injury concerns.
"The club's officials wanted to take advantage of my present situation to question some points we have already settled in a previous agreement, So I refused to sign.
"I won't sell myself cut price just because I had knee surgery."
The comments by Petit come just days after former international team mate Youri Djorkaeff had explained his exit from the Reebok under similar circumstances with chairman Phil Gartside refusing to comment on the claims.