Arsenal were linked with Jesus Gamez in August, but the defender has just put pen to paper on a new contract.
Another possible right-back target for Arsenal is now off their radar.
The Andaluscians' lack of interest in Bendtner scuppered that deal, with Cazorla and Monreal's former teammate remaining at Malaga.
Football Espana report that Gamez has penned a three-and-a-half year contract extension including an amendment to his current deal, which will take him up to the summer of 2017.
Interest in Gamez, 28, could have been re-visited in light of full-back Bacary Sagna's failure to so far sign a contract extension with the Gunners.
The right-back has made nine appearances for Malaga this season with one assist to his name.
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