Arsenal have failed with a late attempt to sign West Brom defender Jonny Evans, Sky Sports News understands.
The 30-year-old has been linked with a move to Manchester City and Arsenal throughout the January transfer window but it appears he will remain at The Hawthorns until the end of the season.
The clubs did not even begin negotiating a deal as the fee Arsenal were willing to pay for Evans was so much lower than West Brom's asking price.
It is understood the money Arsenal have spent on Pierre-Emerick Aubameyang's transfer from Borussia Dortmund and Mesut Ozil's expected new contract may have impacted on their ability to pay West Brom what they were looking for.
The path was clear for Arsenal to move for Evans after his other suitors, Manchester City, instead decided to sign Aymeric Laporte from Athletic Bilbao.
West Brom have moved to strengthen the centre of their defence in the January transfer window, signing Ali Gabr on loan from Egyptian side Zamalek as well as converting Ahmed Hegazi's loan into a permanent deal.
Alan Pardew's side, who are currently 20th in the Premier League, could lose Evans for as little as £3m in the summer due to a relegation release clause he has in his contract.