Miranda, 27, who was on loan at the Paisley club for two seasons from 2007, had been on trial with Danny Lennon's men for a fortnight but the manager opted to add the 19-year-old former Bolton midfielder Graeme MacGregor to his squad on a one-year deal instead.
Lennon said: "Franco has gone back to Argentina after we ended our interest in him. He is a good lad and fitted in well with the group but we also managed to get Paul Dummett in, so we would have had two or three in the one area.
"I had the money to sign Miranda, but I decided to invest that money in younger players and we brought in Graeme MacGregor until the end of the season.
"Graeme has a good pedigree and there's something we feel we can develop further there."