Lukas Podolski
Podolski could still be a target for Arsenal in the summer.

Arsenal will not be signing FC Cologne striker Lukas Podolski in January after the German ruled out making any mid-season move to avoid risking his place in the German national squad for the upcoming European Championships in Poland and Ukraine.

According to The Guardian, the player's representative, Kon Schramm, claimed that a move is "all but impossible" as it isn't the most opportune moment for the player to make new beginnings in a different country.

Also, with Robin van Persie in formidable form, he could find himself benched, with a possibility of losing his place in the national squad, especially in the looming presence of Mario Gotze and Marco Reus.

Financial reasons also make it difficult for Cologne to sell the player for Arsenal's initial price of £10 million. The German club has debts of £25.8 million, and since a third of Podolski's transfer rights are held by club sponsor SolarWorld, who helped the club resign him from Bayern Munich in 2009, Cologne would only receive £6.6 million if they agree to sell him for Arsenal's price.

The club source told the Guardian that it would take an offer closer to £16.6 million to compel Cologne to sell. However, they'll be forced to accept lower fees in the summer if Podolski refuses to extend his contract, which expires in June, 2013.