Atletico Madrid's Juanfran turned down the chance to join Arsenal this summer despite the Gunners offering to quadruple the defender's salary.
The versatile Spaniard who now operates as a right back enjoyed a remarkable campaign with Atletico last season as the club qualified for the Champions League, a run that has extended into this campaign with Diego Simeone's side sitting on top of La Liga with a perfect 12 points from four games.
Spanish publication AS revealed after the closure window that the Gunners had failed with a late effort to bring the Spain international to the Emirates in a bid to bolster their squad, offering to dramatically increase his earnings in the process..
"It is true that Arsenal had a bid that any player would have wished to accept, but I am very comfortable here," Juanfran was quoted as saying by the same newspaper.
"For me, there is no better club than Atletico."
The 28-year-old committed his future to the Madrid club shortly after the transfer window shut, extending his current deal until 2017.
Having become an integral member of the first time since his arrival at the Vicente Calderon in 2011, Juanfran has keenly expressed his desire to remain at the club for the foreseeable future.
"I'm very proud to wear this shirt for many years to come," the full back told Atletico's official website after extending his contract with the club.
"I want to be better every day and continue to give joy to the fans. That is the highest priority in my life."
Although Juanfran has been utilised as a right midfielder and occasional central midfielder during his career, he has excelled as a right back since joining Atletico, earning a place in the Spain squad that travelled to Ukraine and Poland for Euro 2012.
Although Arsenal have both Bacary Sagna and Carl Jenkinson available in that position, uncertainty surrounding the Frenchman's future at the club may have been the source of Arsene Wenger's interest in signing Juanfran.
The former Auxerre defender is out of contract at the end of the season and has also excelled when utilised at centre half during the Gunners' early season injury woes.