Canon MF4122 not detected by MyNet 750

I am trying to setup printer sharing using MyNet 750. My printer model is Canon MF4122. The printer drivers are installed on the machine and they work fine when it is connected to the PC USB port.

I connected the printer to the USB port of the router and started the PrintShare application. The PrintShare application detects the router, but does not detect any printer. As per the compatibility list, Canon MF4150 is supported. Since MF4150 and 4122 use the same driver, I assume that they are using the same chipset and hence this should have worked with my router. Please help me debug this. My PC is running Windows 8 64-bit.

What firmware version does the router have?

Make sure is the same or later than the one showing on the printer support list.

I am using Firmware Version 1.04.16. This is the latest version of the firmware.