The Daily Mirror reported in mid-August that Arsenal were monitoring Spanish international right-back Juanfran and considering a move.for him.
Bacary Sagna's uncertain future, with the Frenchman still not having agreed a new contract, made such contingency plans a possibility.
Reports over the past week have claimed that Sagna is to be offered a new contract, and over in Spain a similar path is the case for Juanfran.
The 28-year-old right-back has been an ever-present this season at Atletico Madrid, and has this week penned a new deal.
He told the official Atletico Madrid website: "I am proud to wear this shirt and this badge for many years."
His deal had been due to expire in 2015, and the £10 million rated 28-year-old has now extended that contract until 2017.
Atletico's sporting director Jose Caminero said: "I am very satisfied with the agreement reached with Juanfran, as he has become a very important player for us, giving us a lot of play on each side, speed, delivery.
"He also conveys much optimism personally because he is a very good player, a great teammate and a person within the group, much loved by the players, the club and the fans."
What does the future hold for Arsenal at right-back? Sagna, Jenkinson, Bellerin, or a new signing?
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