The fallout from West Ham United's doomed pursuit of Portugal star William Carvalho means the deal is probably beyond resurrection.
The Brazilian international has long been linked with a move to Arsenal.
Players from Mainz, Wolfsburg and Schalke 04 all feature.
On the 28th November 2013 what were the stories that dominated the football landscape? Including Arsenal and Chelsea.
Luiz Gustavo has reiterated his love for living in Germany.
There is no truth in the rumours of a move to Arsenal for Wolfsburg midfielder Luiz Gustavo, according to both the club's sporting executive Klaus Allofs and the Brazilian's agent.
A round up of transfer stories this morning about Arsenal.
Gunners face missing out on Wolfsburg player Luiz Gustavo as AS Monaco have reported interest in defensive midfielder.
On the 15th August 2013 what were the stories that dominated the football landscape? Including Arsenal, Manchester United and Liverpool.
Arsenal boss Arsene Wenger is reportedly interested in moves for William Carvalho, Benedikt Howedes and Luiz Gustavo before the end of the transfer window.