"The Interpol circular is for a preventive detention pending extradition," director of Judicial Police and Criminal Investigations Jorge Rodriguez told reporters on Thursday.
"So if we can't extradite Colombians to Panama and if there are no warrants out for him here then we can't arrest him."
Interpol re-issued an arrest warrant for the retired player earlier this week on charges of money-laundering and criminal conspiracy relating to drugs. His whereabouts are unknown.
Rincon has business and property interests in Panama bought in partnership with Colombian drug lord Pablo Rayo Montano, according to media reports.
Rincon made his name with America de Cali before spending successful spells in Brazil, Italy and Spain.
He represented Colombia at the 1994 World Cup and captained Corinthians to their first World Club Cup title in 2000.
(Reporting by Luis Jaime Acosta, writing by Andrew Downie, editing by Tony Jimenez)
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