Talks over a deal for Perisic have ended after Inter refused Arsenal's loan offer, instead wanting to complete a permanent deal.
The 29-year-old has handed in a transfer request but could now remain at the Serie A club until the summer.
The Gunners, who are set to complete a deal for Denis Suarez on Wednesday, have now focused their attention on Dalian Yifang winger Carrasco.
The Belgium international has told Arsenal he will accept a pay-cut to return to Europe.
Dalian are working on a deal to sign Gladbach's Alassane Plea, which if completed, would pave the way for Carrasco's move to the Emirates.