Arsenal rejected a late £8m bid from Benfica to secure Joel Campbell on deadline day as Arsene Wenger wanted at least £9.5m to part ways with the forward, according to reports in Portugal.
The Gunners signed Campbell in 2011 but sent him on loan to Lorient, Real Betis and Olympiakos during three consecutive season in order to continue his development before returning to the Emirates Stadium in the close-season.
During the summer Campbell was one of the sensations of the World Cup, leading Costa Rica to the quarter-final.
Recent reports claimed Italian giants AC Milan made an enquiry to secure the 22-year-old forward last month while O Jogo now claims Benfica also held talks with Gunners officials on Monday in order to secure a deadline day move.
The Portuguese newspaper also claims the deal fell through because Benfica offered £8m, while Arsenal demanded £9.5m.
Campbell himself also recently said he wanted to stay at Arsenal to prove his worth in north London after three seasons abroad.
"I am very happy to be here. It has been three years on loan at different clubs, but finally now I can settle in here. I want to prove what I am capable of," he said.
"Thank God I performed well with my national team at the World Cup – the fans could see what I am capable of. Now it's time for me to prove my qualities. I have to work hard during training and make the most of any single opportunity the manager may give me."
However with Yaya Sanogo, Alexis Sanchez, Lukas Podolski, Theo Walcott and deadline day signing Danny Welbeck in the squad, Campbell's chances of securing regular playing time in the near future look to be limited.