Clibbens has confirmed that a transfer was in place before Leicester pulled out of the deal, but he has left the door open for a deal to be concluded at a later date.
He told the Huddersfield Daily Examiner: "We spent a lot of last Thursday and all of Friday negotiating with Leicester and we moved close to a deal, agreeing terms for a season-long loan.
"Jermaine travelled to Huddersfield to sign the paperwork and once it got past 10pm we started filling it in. We signed, Jermaine signed and then Leicester decided they didn't want to do the deal, so we didn't get it completed.
"That's part and parcel of football and business and it can be frustrating. Maybe it will come back in the loan window, I don't know at this stage."
Huddersfield are looking to replace Jordan Rhodes after he made an £8m move to Blackburn Rovers.