Arsenal have missed the boat on signing Brazil star Felipe Melo.

The 25-year old has re-signed with Fiorentina for a further season, ending speculation of a move to Emirates Stadium.

A statement from Fiorentina confirmed the signing.

"Fiorentina announces that its sporting director Pantaleo Corvino met in Milan with Felipe Melo's agent and an agreement was reached to extend the player's contract until 2013 with a buy-out clause also included."