كتب : Hatem Maher
The 30-year-old has been seeking to leave Tersana following their relegation to the second division.
Newly-promoted side Military Production made no secret of their desire to sign him but failed to reach an agreement with Tersana over his purchase.
Gaish also showed interest in acquiring Al-Sayed's services but could not meet the Hammers' asking price.
"I will not be able to play in the second division," the former Egyptian international, who earned 46 caps and scored four goals with the Pharaohs, told Dream TV on Saturday.
Al-Sayed has failed to impress since leaving Zamalek, the club where he enjoyed a glittering 13-year spell, last summer.
He played for Telecom Egypt, who were also relegated, and Tersana last year but struggled to regain his top form.
"I haven't been comfortable since departing Zamalek. I played for some good teams but did not enjoy my football," he added.
Al-Sayed, a diminutive wing-back who used to bamboozle defenders with his pacey runs down the left flank, played a pivotal role in helping Zamalek win a host of titles between 2000 and 2004.
He was also part of the Egypt side who won two successive African Cup of Nations titles in 2006 and 2008.