The Millers had lined up a move for two higher division players, but hit a dead end with their enquiries.
Douglas said: "The manager has made it clear he wants to replace Chris Holroyd and both the enquiries we made today were for players from higher division clubs.
"We went into the discussions with serious intentions. However we have got budgets to work to and we don't want to be in the position that we later regret a deal going forward. We didn't think we'd be getting value for our money.
"We've got a couple of tentative leads we will be following up on now but it's not a situation where we are going to be acting out of desperation.
"I'm sure before the end of the season, there will be some movement in the emergency loan window."
Douglas added that he expected limited movement out of the club before 11pm, saying: "We turned down offers for Lewis Grabban a few weeks ago but so far we haven't had any more calls for our players, but I wouldn't rule out getting a call."