Liverpool's decision to allow Daniel Sturridge leave on a loan move to West Brom has scuppered Arsenal's transfer plans.
The Reds striker will play for the Baggies for the rest of the season in a bid to force his way back into Gareth Southgate's England plans ahead of the World Cup.
But this has had an inadvertent effect on the Gunners, who had hoped to sign Albion skipper Jonny Evans.
The Northern Ireland international was a target for Arsene Wenger who is keen to bolster his defence before Wednesday's transfer deadline.
But West Brom were only willing to let him leave in order to fund a move for a striker, which they now don't need following Sturridge's acquisition.
That means Evans is now likely to stay put in the Midlands as Alan Pardew bids to keep his side in the Premier League.
Arsenal are, however, still bidding to strengthen in forward areas by signing Pierre-Emerick Aubameyang from Borussia Dortmund.
Olivier Giroud could leave for Chelsea if Aubameyang arrives at the Emirates.