Arsenal appear to have lost out on the signature of Monaco star Thomas Lemar as the France international wants to continue playing in the Champions League, if the latest reporting on the subject is to be believed.
It was earlier reported that Arsenal felt there was not enough time to complete a deal - resulting in the Gunners also blocking Manchester City's attempts to sign Alexis Sanchez - but Lemar's apparent reluctance to drop out of Europe's elite competition may also have something to do with it.
According to the London Evening Standard, Arsenal made an improved bid for Lemar on deadline day that totalled £92m, broken down into a £75m fee and £17m in add-ons.
Monaco were seemingly happy enough with the price to ask the player if he wanted to accept the move. But Lemar, who is believed to be interested in going to Liverpool, decided against Arsenal because he wasn't keen on dropping out of the Champions League.
Arsenal are of course competing in the Europa League this season after only managing a 5th place Premier League finish in the 2016/17 campaign.
Liverpool are in the Champions League this season after successfully navigating last week's qualifying round against Hoffenheim. But the Standard's report notes that, unlike Arsenal, the Reds have not been willing to offer as much for Lemar and therefore a move seems unlikely.
Arsenal also seem unlikely to land Julian Draxler, or even Ross Barkley who has suddenly emerged as a target, so Alexis Sanchez's proposed move to Manchester City looks almost certainly dead.