Fulham have confirmed Bryan Ruiz has left the club to join PSV on loan for the remainder of the campaign.
The Costa Rican was signed for £10.6million by former boss Martin Jol back in 2011, but has failed to live up to his price tag and featured just twice since Meulensteen took charge last month.
Craven Cottage chief Meulensteen revealed last week that the the out-of-favour 28-year-old had been given permission to leave SW6, with Real Betis, PSV and Anderlecht among the clubs battling for his signature.
However, the Dutch giants have agreed a deal to bring Ruiz back to the Eredivisie for the rest of the season.
"I wouldn't call his signing a mistake because at that time it was probably for Fulham the right choice and the right investment," said Meulensteen.
"Don't get me wrong, he is a very good player. I've come in, I've looked at the squad, worked with these players, I've picked my teams on what I think are the right reasons and motivations, but I can also understand Bryan's point of view.
"He is a good player, has a World Cup coming up and he obviously needs to play, but I can't, like with any other player, guarantee that."