Arsene Wenger's reticence in the transfer market has already cost Arsenal the chance to sign Villarreal midfielder Santi Cazorla and the Gunners also look set to miss out on Valencia's Juan Mata.
Cazorla, 26, is set to become Malaga's record signing after the two clubs agreed an £18m fee for the versatile midfielder. The Spanish side moved quickly to secure Cazorla's signature after Arsenal expressed an interest in the Spaniard.
Cazorla had emerged as one of two candidates to replace Cesc Fabregas, with Valencia playmaker Juan Mata also linked with the Gunners.
Valencia coach Unai Emery admitted earlier this week that the club may be forced to sell Mata if a suitable offer arrived.
But Arsenal's hopes of signing the Under-21 international were dashed last night after Valencia president Manual Llorente cooled speculation over Mata's future by insisting the player wasn't available at any price.
"The decision is clear and money will not change our position," Llorente told Superdeporte.
"Valencia will not sell to any club that wants to buy Mata."
Fabregas is expected to re-join his boyhood club this week, with negotiations on-going between Barcelona and Arsenal officials.
Wenger is keen to resolve the Fabregas deal before the club host the Emirates Cup this weekend, as the Frenchman attempts to identify a replacement for his captain before the start of the new campaign.
The Frenchman could instead turn his attention to Wigan midfielder James McCarthy, with the new season less than three weeks away.
Arsenal enquired about the 20-year-old's availability earlier in the summer but were informed he was not for sale.
Meanwhile, new Barcelona signing Alexis Sanchez has called on Fabregas to join him at the Nou Camp this summer.
Asked if he would like to play alongside Fabregas, he said: "Of course."
Arsenal will reignite their pursuit of Newcastle left-back Jose Enrique after the Spaniard used Twitter to criticise the club's transfer policy, suggesting the board lacked ambition.
Enrique tweeted, in Spanish: "The club is allowing all the major players of the team to go. Do you think it is the fault of the players And [Carroll], Nobby [Kevin Nolan].
"This club will never fight to be among the top six again with this policy. You fans are the best and you deserve the best, not what they are doing with the club."
Newcastle manager Alan Pardew labelled Enrique's outburst "a mistake", saying "Jose was wrong to put those comments up and I told him. It's a good offer which we have given him and maybe the frustration of the situation got the better of him."
Enrique recently rejected an improved £50,000-a-week contract, with the club now keen to offload the 25-year-old to any club that meets their £10m valuation.