Mikel Arteta's side had been tipped to sign midfielder Arthur before the end of the window. But, according to Sky Sports, that deal has now collapsed.
That means transfer chief Edu will need to work extra hard to pull off some late deals.
The Gunners have been tipped to sign Wolves midfielder Ruben Neves in recent days, although the Black Country club are thought to be confident of holding onto their star man.
Wolves want £40m to sell the Portugal international.
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