Cristian Pavon has signed a new deal at Boca Juniors, handing Arsenal a transfer blow.
The 22-year-old Argentine winger is highly-rated and was on show at the World Cup.
Despite the admiring looks from the Gunners, Pavon has decided to stay put at Boca Juniors this summer.
His new contract has seen his release clause go up to £37.5m which will likely see Arsenal and Barcelona end their pursuits for the time being