The striker has been injured and not played much football this season, making just two substitute appearances in the Scottish Premier League, and County boss Keith Curle has decided the 29-year-old is not fit enough.
However, Curle, who coached the player at Crystal Palace a few years ago, is an admirer and will continue to monitor his progress.
"He came down and we had a look at him in training, but he's not at the level of fitness where I was ready to offer him a loan deal," said Curle.
"I can't sign somebody on loan to get them fit. They have got to come straight in and make an impact. If I went to the chairman and said I want to bring in a player that has not played for three or four months he would say 'no', and rightly so.
"I told him he needs to go and get some games and get back to where he was before I can entertain the idea to bringing him here on loan."
Curle added: "I like Craig because I know what he was like a few years ago. He's lost a little bit of confidence because of his injury and he needs to get that back again.
"He needs to play some games, either in the first team or reserves at St Johnstone, and then we can look at it again."