All the latest transfer news and gossip from The Emirates this morning.
Any slim hopes Arsenal had of picking up Radamel Falcao appear to be over as the AS Monaco striker is set to get his dream move to Real Madrid instead. The Colombian had a torrid season in Ligue 1 last term, with a knee injury ruining the second half of the campaign. Now fully fit he wants a return to Spain, where he had success with Atletico Madrid.
Arsenal were reportedly keen on a loan deal for the ruthless striker but Real held a meeting with his representatives last night and are assessing their finances before finalising a deal to bring him back to Madrid.
Arsenal were said to be considering him in the absence of the injured Olivier Giroud.
Benfica are believed to be lining up a move for Arsenal forward Joel Campbell after missing out on Palermo striker Abel Hernandez - who is believed to be on his way to Hull City.
Benfica need a replacement in the striker department, after both Rodrigo and Oscar Cardozo left the club this summer.
With Hernandez now off the menu they are looking at the Costa Rican, who Wenger insists is going nowhere this summer.
With Giroud's injury problems the likelihood is that Campbell will not be going anywhere, but Benfica are believed to be hopeful they can secure a loan deal for the talented attacker.
Nacho Monreal will be going nowhere this summer, according to reports in Spain. Athletic Bilbao are looking to spend big on a couple of big name Basque players after qualifying for the Champions League proper for the first time since 1998.
However, given the track record of Kieran Gibbs in the injury department, Wenger has reportedly ruled an exit for Monreal as 'impossible'.
Finally and Arsenal defender Ignasi Miquel might be on his way out of the club. The Spaniard, who was on loan at Leicester City last term, is wanted by Norwich City.
Should Wenger keep hold of Campbell?