Manchester City’s bid to sign Arsenal forward Alexis Sanchez looks to be over after the Gunners failed to secure a replacement.
It is understood a conditional agreement was reached in principle between City and Arsenal for Sanchez, 28, to move to Etihad Stadium.
The fee was £55m, plus £5m add-ons, but it depended on Arsenal replacing him.
Their target was Monaco winger Thomas Lemar, who is thought to have decided against a move.
A fee in the region of £90m had reportedly been agreed between the Gunners and Monaco for the 21-year-old France international.
City are currently not prepared to resurrect a deal for Sanchez by offering a player in exchange or more money for a straight cash deal.
Barring a remarkable last-minute turn of events Sanchez, who wanted to join City to be reunited with his former Barcelona manager Pep Guardiola, will stay at Arsenal.
He is into the final year of his contract and is likely to leave on a free transfer next summer.
One player who is leaving the Emirates is striker Lucas Perez, signed last summer for £17.1m, who is returning to former club Deportivo La Coruna on loan after scoring seven goals in 21 games for the Gunners.