Ajax playmaker Hakim Ziyech started the summer as a player many Arsenal fans wanted to see their club strike out to sign after finishing fifth and losing the Europa League final to Chelsea.
Last season, the Moroccan midfielder was one of the leading lights of a side that reached the last four of the Champions League and won the Dutch title.
Rather than move in for the 26-year-old, the Gunners are set to sign Nicolas Pepe from Lille to add more of a threat down the right flank.
It had been suggested that the presence of Henrikh Mkhitaryan and Mesut Ozil at the Emirates Stadium meant that a deal to sign yet another number 10 was seen as unwise by the Gunners.
Dani Ceballos arrived from Real Madrid on loan earlier this month to add some more guile to Unai Emery's midfield while it is hoped that Arsenal can seal a move for Celtic left-back Kieran Tierney.
According to SkyBet, Sevilla are now the favourites to sign Ziyech this summer.
Bayern Munich are second favourites. The Spanish club are priced up at 4/1 while the German champions are at 5/1.
It had been suggested that the Ajax star had a low release clause but so far now clubs have come in to sign him.
