I know the Triple Entente arose in part due to the traditional balance of power in mainland Europe being disrupted by the emergence of a unified Germany. The War of the Spanish Succession came about due to fears that France and Spain might unite. Did France return to the possibility of building closer links with Spain to counterbalance Germany?
The biggest problem with any potential alliance between France and Spain beyond the formation of Germany was simple. Spain was not the great European power it used to be. It was politically unreliable and somewhat backwards.
French interests on the Iberian peninsula past the Napoleonic wars was more that of keeping Spain unaligned with a German state rather than having Spain allied with France. French overtures to Spain reflected this priority as France declared war on the soon to be German Empire in 1871 over the prospect of a Hohenzollern being on the throne of Spain.
The subsequent evaporation of French power in Europe could now be blamed 3 times in the last 300 years because of Spain. So I imagine their officials now transitioned to instead keeping Spain unaligned. But there was also a myriad of other reasons that Spain was an nonviable partner for France:
The Spanish had cultivated a horrible military reputation with their constant instability and lack of military loyalty. The Carlist Wars and coups had eroded military respect/quality.
The Spanish Empire was now miles away from being a boon. Insurgencies in the Philippines and Cuba occupied a significant of Spanish soldiers for what the French considered routine in Algeria. This colonial centered focus of the Spanish national interest left their own thoughts on allying further with France to be a modest thought.
Unlike Russia. Spain did not have the immense political machine and distance to validate it's lack of infrastructure and basic elements of modern warfare at the time. France had been severely defeated by a few deficiencies that the Spanish military itself had that were magnified by an inability to reform. The French could change their structure to fit a modern program to change any nonviable tactics or technology. Spain had no such apparatus changing ability during the time.
Basically. France could easily have tied it's fortunes to Spain. But all the problems in France that allowed for the formation of Germany were even more prevalent in Spain. Couple that with a focus on retaining their remaining colonies and lacking any political stability with the Monarchy/Republic/Monarchy transition over the course of a decade.
Spain had no interest and France was much more keen to align with Russia which itself would take time.