Carlos Bacca has signed a new deal to stay at Sevilla until 2018.
This failed to materialise, and if there was any tentative or serious interest from Arsenal to follow up, their chance may now have been missed.
Sevilla held a press conference and announced on their website yesterday that Bacca had renewed his contract.
He told reporters: "It's normal that when you do things right there will always be clubs interested in you, but my mind is set in Seville, my family is happy here, me too.
"My expectations are getting bigger and hopefully I will keep improving."
Bacca has four goals in six games this season, and struck 21 times last season in La Liga.