Spurs were unable to force through a £20million-plus deal for the Porto midfielder before last month's deadline.
And with Scott Parker making good progress after surgery an a damaged Achilles, Villas-Boas does not anticipate a reunion with Moutinho any time soon.
He said: "We were prepared for missing out on that player. We set our sights on that player in the end of the transfer window - we couldn't conclude the deal but we were ready if that failed.
"It's not likely that we go back in January. Generally the market is very difficult and very expensive, and it's highly unlikely that we will continue to pursue that.
"By then we will have Parker coming back, and he's a player that we want to come back as soon as possible.
"He's a player who had maximum importance for this club last season and we feel that he can add so much to the squad."
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.