Arsenal have missed out on signing Italian prodigy Sebastian Giovinco, after he joined Parma on loan.
The 23-year-old has been earmarked as a player for the future after his dynamic displays for Italy in European Under-21 Championships last summer.
But the playmaker has been restricted to cameo appearances with Juventus, and was desperately seeking a move away from Turin this summer in pursuit of regular football.
He has been linked with a move to the Gunners throughout the transfer window, and his agent put Arsene Wenger on red alert last week after revealing Giovinco's desire secure a transfer to the Emirates.
Luca Pasqualin said: "If the interest of Arsenal is concrete, Giovinco would be interested because Arsenal are one of the top clubs in Europe."
But Pasqualin confirmed today that Parma had won the race for the midfielder's signature but, with the deal only temporary, Wenger will still harbour ambitions of eventually getting his man.
"Parma is the ideal place for Giovinco, it's a privileged solution," Pasqualin told Goal.com.
"Parma's excellent relationship with Juventus also weighed upon the deal.
"But we are happy to have found an excellent solution for Giovinco."
A statement from Parma read: "Giovinco joins Parma. He will be revealed tonight.
"Parma FC communicates to have acquired Sebastian Giovinco on a temporary basis with the option to buy half of his rights.
"The player will be presented to the press at the Ennio Tardini at 19:00CET and he will meet with the team during the festivities in relation to our friendly game against Racng Santander."
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