The Olympic icon was hoping his superstar status would land him a mega-bucks contract after his trial.
But the Australian Daily Telegraph claim the Mariners have dropped from the £1.6million-a-year they initially discussed to around £82,000.
That figure would place him in the bottom half of the Aussie outfit's wage structure.
Bolt, 32, scored twice in the final friendly of his trial and agent Ricky Simms insisted he had been offered a contract.
But speaking after a 1-1 draw in their season opener, Mariners boss Mike Mulvey said he was not aware a deal was on the table.
He also questioned whether Bolt would make it into his first-team.
Mulvey said: “I do appreciate how important this story is for the rest of the world.
“But you have a look at our frontline today and you wonder if he could get into any of those positions, wouldn’t you?”
A-League commentator Simon Hill has slammed the Mariners for pursuing Bolt.
He insisted: “I’ve been against this particular experiment from day one.
“I think it’s great that he’s brought publicity to the league, but if anybody is seriously trying to tell me that Usain Bolt can break into that Mariners team, they are having a laugh.
“I just don’t think he’s at the standard required, however, that may not be the primary consideration here.
“If that were to happen, it opens up a can of worms really. Who’s next, Roger Federer? Tiger Woods? We’ve got to treat our league seriously.”
But 44-cap ex-Socceroos star Robbie Slater reckons the reported deal would be a fair price.
He added: “Well, if he signs and it’s about $150,000, that’s about correct.
“If you want to be a footballer, yeah, that’s great, follow your dreams, but it shouldn’t be about the money.”
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