Arsenal's £92m move to sign Thomas Lemar from Monaco has broken down.
The Gunners' club-record offer for the France international was accepted by Monaco, but the deal could not be completed in time.
It was reported that Lemar, 21, was not interested in a switch to the Emirates and would have preferred a move to Liverpool.
Liverpool have already failed with two bids to sign Lemar, with the latest offer totalling only £64.8m.
Lemar played for France in Thursday's World Cup Qualifier against the Netherlands at the Stade De France in Paris.
He scored 12 goals in 39 appearances last season as Monaco won the Ligue 1 title for the first time in 17 years.
Monaco have already sold a number of key players this summer, including Bernardo Silva and Benjamin Mendy to Manchester City and Tiemoue Bakayoko to Chelsea.
They said in July there would be 'no more departures' amid continued interest in Lemar, Djibril Sidibe and midfielder Fabinho and Kylian Mbappe. The latter is now understood to be on the verge of a season-long loan move to Paris St Germain.