Deportivo La Coruna appear discouraged about a move for Lucas Perez going through.
The forward has been left out of Arsenal’s tour to Australia and China, presumably to see a move through.
A return to the Riazor and the club the Gunners signed him from with high hopes has been tipped as most likely.
But The Evening Standard report president Tino Fernandez believes the "possibilities are remote”.
Perez has also been connected with approaches from Turkey’s Fenerbahce.
Arsenal confident in-demand Alex Oxlade-Chamberlain won't join Liverpool in the current transfer window
Arsene Wenger is convinced Alex Oxlade-Chamberlain will stay at Arsenal this summer, writes Mirror Football's John Cross in Sydney.
Liverpool have been keen on the England midfielder and have made enquiries about his availability, which have been rebuffed.
Oxlade-Chamberlain only has a year left on his current contract at the Emirates, but the Gunners are still hopeful they can reach agreement on an extension.
Even if they do not, Arsenal appear to have reached a compromise and are likely to allow him to go into the final year of the deal in the hope of persuading him to stay.
They appear to be more relaxed about Oxlade-Chamberlain - who is part of the 25-man squad on the club’s pre-season tour here - than star men Alexis Sanchez and Mesut Ozil.
Arsene Wenger ALREADY facing defensive crisis ahead of Arsenal's Premier League opener against Leicester
Arsenal are already facing a defensive crisis ahead of the new season, writes Football.London's Kevin Beirne.
The Gunners have departed for their pre-season tour of Australia as Arsene Wenger's men prepare for the new Premier League campaign.
Arsenal kick off the Premier League campaign at home to Leicester on August 11.
But like last season when they were beaten by Liverpool, Wenger could find himself light for the opener, reports Football.London.
Laurent Koscielny's red card against Everton on the final day of the Premier League last term means he will miss the first two games of the new campaign.