Paris St Germain's Maxwell (R) in action with Leicester City's Riyad Mahrez
Riyad Mahrez celebrates after scoring the first goal for Leicester
The 2016/17 PFA Player of the Year would have been an outstanding signing for the Gunners - but he becomes another 'nearly man' for Arsenal in a difficult summer when it comes to adding players, Groundhog Day under Arsene Wenger.
Their failure to land Mahrez despite the strong rumours has caused real amusement among supporters of their North London rivals Tottenham Hotspur.
Spurs fans had plenty to say about the supposed snub, taunting Arsenal supporters about the developments, via Twitter.
So basically....— jay (@32yid) August 17, 2016
Mahrez AND vardy : Leicester are bigger than Arsenal #coys
Riyad Mahrez is now my favourite non Spurs player.— TottenhamFC93 (@TottenhamFC93) August 17, 2016
#THFC Arsenal have announced the signing of Jamie Vardy and Riyadh Mahrez from Leicester City. Well, apart from slight technicality.— CD SpursRangers (@SumFatbloke) August 17, 2016
Scenes when a Vardy/Mahrez double followed by badge kissing sinks Woolwich at the weekend— Bateseyboy (@Bateseyboy) August 17, 2016
Mahrez clearly isn't the pointless dressing room team selfie type.— Spurred On (@spurredontv) August 17, 2016
I thought Riyad Mahrez was going to Woolwich— BYANYMEANSNECESSARY (@1LaneOnly) August 17, 2016
Tottenham's own summer has been mixed, but they have managed to add a top striker in Vincent Janssen, a player who would have really improved Arsenal's options.
Mahrez would also have been a game changer for the Gunners - but they will have to look elsewhere to add star power - and try and quieten the mockery being sent their way by rival fans.
Leicester City's Riyad Mahrez in action with Manchester United's Luke Shaw