Lincoln City had been hopeful of signing the exciting wide man on loan from their Skrill Premier rivals.
Disappointed City boss Gary Simpson said: “We thought we had got him. It was going on and on and it looked like he was coming, then he tips up at Telford.”
Whalley, 26, has scored twice in 22 appearances for the Hatters this season, but has yet to find his best form since signing from Southport in the summer.
He now looks set to be reunited with former Sandgrounders boss Liam Watson at the Bucks, who are gunning for promotion back to the Skrill Premier.