CRISTIAN PAVON has signed a new deal at Boca Juniors, handing Arsenal a transfer blow.
New Arsenal boss Unai Emery has been busy this summer and has signed five new players for a combined £75m.
It is understood that Emery is keen on completing one final deal before the window closes and Pavon has been on his radar.
The 22-year-old Argentine winger is highly-rated and was on show at the World Cup.
Despite the admiring looks from the Gunners, Pavon has decided to stay put at Boca Juniors this summer.
His new contract has seen his release clause go up to £37.5m which will likely see Arsenal and Barcelona end their pursuits for the time being.
While Emery is a fan of Pavon, his agent recently insisted Arenal hadn’t made an official approach for him.
"There is still nothing official from Arsenal," Fernando Hidalgo said. "Pavon informed Boca’s hierarchy about his desire to stay and play in the Copa Libertadores."
Emery spoke out about Arsenal’s transfer plans going forward ahead of the new season.
He said: “We signed the players who we needed and only if one player is a big opportunity for us will we sign them.
"Normally, we are thinking about the young players, the possibility of them staying with us or going to play on loan at another team.
"We are also thinking about the players who were with us last year and whether we need them to stay with us.
"At the moment, I think the squad is complete. We will only sign another player if there is an opportunity to bring in that one player, or two players.
"We will only sign a player in the next month if he’s a big opportunity."