The Gunners were keen on signing the Argentina international this summer.
Mauricio Pochettino made six additions to his squad over the summer.
The Italian side are trying to replace Gonzalo Higuain.
Psychologists will tell you that delaying gratification can be a powerful thing.
Chelsea are preparing to make a move for Napoli defender Koulibaly in £60 million deal.
Everton have reportedly joined in the race to sign Mario Mandzukic.
Arsenal are reportedly also interested in signing Juventus striker Mario Mandzukic.
The world transfer record was broken twice in the summer of 1996.
Gonzalo Higuaín has become the third most expensive player in history after signing for Juventus from Napoli in a deal worth €90m (£75.3m).
Arsenal's failure to sign Gonzalo Higuain this summer dates back to a mistake they made three years ago.