Arsenal couldn't afford to sign PSG midfielder Christopher Nkunku on deadline day.
There was interest from Arsenal in Nkunku throughout the window.
The move didn't get over the line though and reports in France suggest Arsenal failed to deliver on their side of the deal.
Le Parisien reports Arsenal's financial restrictions stopped them finalising the loan after manager Unai Emery was told there was no money to spend this month.
The loan was set to be a loan with the option of a permanent deal in the summer but the two clubs couldn't reach an agreement.
Arsenal earlier announced Denis Suarez's arrival from Barcelona with the Spaniard reuniting with former Sevilla boss Emery.