Nonetheless, he remains manager Walter Smith's favoured target as he seeks to replace Kris Boyd, although he is also looking at the Honduran Georgie Welcome on trial this week.
Jelavic has been with Rapid Vienna for two seasons, having joined them from Belgian club Zulte Waregem.
The powerful Bosnian-born forward scored 21 goals last season, three of those coming against Celtic in the Europa League.
He scored in the 1-1 draw at Celtic Park last October and bagged a brace in the 3-3 draw in the Austrian capital in December.
Meanwhile, any move from Rangers for the South African duo of Katlego Mphela and Bongani Khumalo is understood to be unlikely.
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