According to BBC Sport, the deal for Carrasco is definitely off after his club, Dalian Yifang rejected Arsenal's loan fee they proposed.
Similarly, the Gunners have failed to meet Inter Milan's demands for Perisic.
The north London club had proposed a loan deal with a penalty attached if they did not make the deal permanent in the summer. Inter have been resolute in their demands for an instant permanent fee.
If either club can ease their demands, a deal still could be possible before the 11pm deadline.