Arsenal could have strengthened their squad further on deadline day but decided to pull out of a loan move for Barcelona striker Malcom.
The Gunners completed the signing of midfielder Denis Suarez from Barcelona on Thursday in a loan move which could be made permanent at the end of the season for £18m.
Suarez's out of favour teammate Malcom was also tipped for a loan move to the Emirates Stadium, having struggled for game time at the Nou Camp since his summer move from Bordeaux.
Mundo Deportivo has additionally claimed that Barcelona wanted any loan deal to include a mandatory purchase option for the end of the season, which neither of the north London rivals were prepared to agree to.
Malcom will now stay at Barcelona until the end of the season but will continue to have a peripheral role, with the loan signing of Kevin-Prince Boateng having pushed him further down the pecking order.
Barcelona spent £36.5m to snatch Malcom from under Roma's noses last summer, but Ernesto Valverde has not been able to find a place in his team for the 21-year-old most weeks.
Four of his five starts this season came in the Copa del Rey, though he was left on the bench as Barcelona reversed a 2-0 deficit to thrash Sevilla 6-1 earlier this week.
He has only played 118 minutes of La Liga football this season and could be allowed to leave permanently next summer.