Arsenal were offered PSG striker Mauro Icardi in January.
The Athletic says Arsenal had the opportunity to sign the PSG forward during the January transfer window.
The Ligue 1 side were willing to explore the prospect of a potential swap deal involving the Argentinian striker.
PSG reportedly approached Arsenal over the swap deal as Mikel Arteta had indicated he was looking to sign a striker.
However, the Gunners decided to stick with their current options for the remainder of the 2021-2022 season as Icardi did not match the type of player Arteta was interested in.