The chairman of Peterborough, Darragh MacAnthony, said after the closure of the window as the Blues had two bids to sign Maddison but that agreement has not been concluded.
The winger has been on loan to Hull, where he scored once in seven league matches.
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But the campaign Maddison is complete with nine meetings to play after refusing the offer of a contract extension in the short term at the stage KCOM.
“It is always a difficult decision to let the guys who have helped the club on and off the field, but all the decisions are taken in the best interest of the football club,” said manager Grant McCann on the club Web site.
“I would like to take this opportunity to thank all the players who leave us for the contributions that they have made at Hull City and we wish them all the best for the future. ”
“In the end, at this stage of the season, we only want players fully committed to the cause of the club and our goal is firmly to work with the group that remains in the head of the last nine games. “
Peterborough confirmed last week that Maddison would be leaving the club in League One when his contract would expire at the end of June.
It is now available in a free transfer and the former legendary boss of the Blues, Barry Fry – now director of football at Posh – think his former club should make its way.
“He is a free agent and if they don’t replace now, they are absolutely crazy,” said Fry.
“I would recommend still for the Blues, he does it on the field, you win games. There are a lot of players who are not the cup of tea of everyone but it is the favorite of the fans. ”