The former Newcastle and Portsmouth striker has instead agreed to join Turkish side Karabukspor on a two-year contract.
A statement on Blackpool’s official website read: “Lomana LuaLua will play his football in Turkey next season after turning down the chance to stay with Blackpool.
“The 31-year-old has agreed a two-year deal with Karabukspor and leaves Bloomfield Road having scored six goals for the club in 20 starts and 12 sub appearances.”