The 15-year old striker was of interest to the Wanderers but both the club and the player's family where not interested in the prospect of the youngster moving to the Reebok Stadium.
A statement on Oldham's official website read:
"Neither the club, the player, or parents of the promising under 16-year-old, were interested in a move to the Reebok. Now, Sam Allardyce will be forced to put his cheque book away. Spencer is yet to break through at senior level although has impressed when playing for the youth team."