Neither Yannick Carrasco nor Ivan Perisic will be joining Arsenal on loan deals this window, Sky Sports News understands.
Unai Emery had confirmed Arsenal were only able to sign players on loan this month, and Inter Milan's insistence on a permanent transfer has scuppered the Premier League club's pursuit of Perisic.
Arsenal had then turned to Belgian winger Carrasco and entered into talks with Chinese side Dalian Yifang over a deal, according to Sky in Italy.
But Sky Sports News now understands Carrasco is set to stay in China, despite further interest from AC Milan.
Inter Milan wanted a permanent deal to sell Ivan Perisic to Arsenal
Barcelona's Denis Suarez, though, will join Arsenal on loan.
The Spanish club announced the transfer in a statement, but it was later removed on Wednesday evening by the La Liga club.
He will link up again with Emery, having worked with the Arsenal boss during a loan spell at Sevilla during the 2014-15 season.
Arsenal will be paying Suarez's wages during his loan spell.
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