Sources indicate Spurs had agreed a fee with the Rio de Janeiro club for a permanent transfer, with a loan move never a realistic option since Tottenham had already reached FIFA's limit of six players out on loan abroad.
Vasco had even explored buying his rights outright with Spurs, but personal terms proved impossible to resolve, and Richarlison himself showed no appetite for committing to a longer permanent contract in Brazil. According to UOL, Vasco's board has now been informed by the player that the move will not go ahead, with the attacker set to remain in north London rather than joining the club he has long supported as a boyhood fan.
The collapse follows a chaotic few weeks for the 29-year-old, who was left out of Tottenham's Premier League squad after a separate proposed £35 million deadline-day move to Everton also fell through over a disagreement on personal terms.
Richarlison has since been withdrawn from Tottenham's Premier League squad list altogether and is expected to play for the club's under-21 side until the January window reopens.
BBC Sport reported on Thursday that Richarlison and Spurs are locked in a dispute over the nine months remaining on his contract, which is due to expire next summer, though the club holds an option to trigger a 12-month extension. Sources close to the player say he is keen to be released from the deal, while people close to Richarlison indicate there has already been interest from other clubs, though nothing concrete emerged in time for the major European transfer windows.
Manager Roberto de Zerbi gave no update on the situation at a press conference on Friday, but spoke at length about the breakdown in the relationship.
"Richarlison is a good guy, a very good guy. I spoke with him a lot of times and I spent time to convince him to stay, but if you ask me, I know the truth," De Zerbi said. "I know what happened in the last month, the last 45 days, and it's clear, but I'm not frustrated.
"If I had decided myself to leave him outside of the squad, I would have regrets, but the decision has not even been taken by the club.
"It has been a consequence of what I told you already that he has decided...
"I'm sorry because it could be different. Even the end of the story. It could have been better, or it was much better [with] Richarlison inside the list, happy to stay, maybe to extend his contract, because he is still an important player. He was important last season, we can't forget, but we can't forget also the last 45 days."
Richarlison was Tottenham's leading Premier League scorer last season with 11 goals as the club avoided relegation, having joined from Everton in the summer of 2022, where he scored 53 goals in 152 appearances during his time on Merseyside.