It was believed Sturm, who is recovering from off-season knee surgery, would need to pass a physical prior to an official announcement of the deal.
Following Thursday's Bruins-Tampa Bay Lightning game Bruins general manager Peter Chiarelli released a statement saying Sturm had not been traded after all.
Chiarelli admitted speaking to Sturm about waiving his "no-trade" clause and had discussions with other teams about the winger, though he didn't identify them. He went on to say there was no trade in place for Sturm, who would continue to train with the team.
Speculation suggests the two clubs might revisit this deal in future once Sturm has been cleared to return to action but there's hasn't been confirmation from either club on this.
For now at least Sturm remains a Bruin. For how much longer remains to be seen.