The Scottish League One club initially looked to sign the 26-year-old last month, but the move collapsed due to boardroom unrest over the summer.
However, manager Ally McCoist claims that his side are still working on a deal for the former Hajduk Split player.
Speaking to the Daily Record, McCoist said: "We're negotiating with the agent over Pandza.
"I know the chief executive Craig Mather has also spoken to him and I'm very hopeful he still wants to come here.
"There are still one or two players I'd like to bring in and we'll see in the next few days if I can get them."