The 27-year-old has been one of the Premier League's most wanted men this summer, following a successful campaign on loan at Newcastle United last season which saw the striker net 14 goals in 26 appearances.
A clause in Remy's contract allowed any side with Champions League football to enter talks with the player for as little as £8.5m, and Arsene Wenger was tipped to pounce for his French compatriot.
It was then that Liverpool swooped for the French international, and The Reds are reported to be close on completing a deal to sign Remy on a five-year contract - subject to the striker passing a medical.
Arsene Wenger must now look elsewhere if he is to bolster his striking options at the Emirates, and here's who the 64-year-old Arsenal manager could look to next;
The former Manchester City man has been continually linked with a move to Arsenal, with the 23-year-old tipped to leave AC Milan this summer.
Fresh reports this morning suggest Arsenal have agreed a fee of £15.8m for the Italian with personal terms agreed also, but this seems unlikely given the snag which hindered The Gunners' original pursuit of Loic Remy.
Not only is the reported deal almost double the fee Arsenal would have paid for Remy, Balotelli's wage demands are also almost certain to surpass the £80,000-per-week mark.
After completing a £35m deal for Alexis Sanchez just over a week ago, another high profile signing such as Balotelli would be surprising, but don't rule it out with competition for a top four finish in the Premier League looking stronger than ever.
The Swansea striker turned plenty of heads during his debut Premier League season, scoring 16 goals in 34 appearances for The Swans.
Arsenal and Liverpool have both been reported as possible destinations for the Ivorian, but The Gunners could now find themselves in pole position as the Merseyside club look set to snap up Remy.
Bony has certainly displayed a goalscoring ability which would render him a good fit at Arsenal, but a hefty transfer fee could ultimately dissuade Wenger from making a move for the striker.
If reports are to be believed Swansea will demand as much as £20m for their star man, and at that price it's highly unlikely that a move to the Emirates will be on the cards for the 25-year-old.
However should Bony wish to push through a move, the Welsh club could be forced to sell at a lesser price.
The Columbian has been vocal in the press in recent weeks claiming he would 'jump at the chance' to sign for Arsenal, who the 27-year-old claims are his boyhood club.
The Porto man has scored 60 goals in 91 games for the Portuguese giants and would undoubtedly be a good addition to Arsene Wenger's side.
Recent reports suggest the Arsenal manager is keen on the striker, but any formal interest is yet to be noted.
Although largely used as a substitute during the World Cup, Martinez made two starts during Columbia's run to the World Cup quarter finals and scored twice in a group game against Japan.
A World Cup brace is likely to inflate what would already would have been a very high asking price for the striker, and this again could put Wenger off any potential move.
A common trend is emerging, but after missing out on Remy the Arsenal manager may have to spend big again to bolster his attacking options, and avoid any risk of missing out on a top four finish for the first time during his managerial tenure in North London.