Shakhtar Donetsk winger Bernard has revealed Arsenal could not afford to meet his asking price while he was with his former club Atletico Mineiro.
The 21-year-old was strongly linked with a move to England last summer, with the Gunners and their north London neighbours Tottenham Hotspur keen on acquiring the services of the winger.
Bernard joined the Ukrainian champions for a reported fee of €25m last August and has been named in the Brazil squad for the summer World Cup. He has confirmed the interest from Spurs and Arsenal, but admitted the price tag put by his former club was too high for the Gunners.
"We had offers from Tottenham and, according to my Atletico president, Arsenal were interested too - but didn't have the money," Bernard told FourFourTwo magazine.
"All of it happened in a moment in which Europe was facing a serious financial crisis, so while there was interest from various teams, the only one able to pay straight away was Shakhtar."
Meanwhile, the Brazil international has not ruled out a potential future move to England after expressing his admiration for the Premier League.
"No. Really. It might change if there's a situation that forces us out of the country, to break our contracts, but I'l only consider it if any offer comes in the future," Shakhtar winger said.
"It [the Premier League] is the best league in the world. I remember watching Chelsea, Arsenal, Manchester United alongside my dad. There's no easy game."
Arsenal manager Arsene Wenger believes Manchester City's 3-2 win over Everton at Goodison Park has changed their fortunes in their bid to win the league title. The Citizens are on top of the table with 83 points after 37 games, leading second place Liverpool by two points.
"There were a few turning points and certainly the [biggest] was the Everton game that they won. It was not easy for them, it looked very difficult for them to get over the line," Wenger told Arsenal's official website.
"It was a season where Man City just won it in the end, getting over the line. They won a marathon and they turned up in the last 100 yards. But they turned up when it mattered."
"It looks like [City] will win it now. It will need a miracle for them not to win it. Congratulations to them. I believe it was very tight at the top and very tight at the bottom," he concluded.