Arsenal had a world-record bid for England midfielder Keira Walsh turned down late in the Women’s Super League transfer window.
The 27-year-old has a year remaining on her contract at Barcelona but the European champions were not willing to sell her.
It has been reported in Spanish media that Arsenal’s bid was worth £930,000.
Barcelona would have had until Monday to find a replacement as that is when the transfer window for Spain’s Liga F closes.
The WSL window closed at 23:00 BST on Friday.
Walsh has already informed Barca that she does not intend to renew her contract next summer so is likely to leave on a free transfer, unless they persuade her otherwise.
The England international was signed by Barcelona in 2022 for a then-world record fee of £400,000 from Manchester City.
Zambia’s Racheal Kundananji has since become the most expensive player, joining Bay FC from Madrid CFF in a deal worth £685,000 in February.