Sebastian Perez will not be joining Arsenal, according to Atletico Nacional's director Victor Marulanda.
Perez, who has spent time on trial at the Gunners, has not been granted a work permit and will be unable to join the Emirates outfit.
The 20-year-old took part in the Gunners' 3-1 pre-season friendly victory over Manchester City.
And the Colombian starlet had been expected to make the move to north London, however that proposed switch has now been ruled out.
On the situation of Perez, Marulanda, Atletico Nacional's director told winsports.co: "We already knew that and were waiting for the response, but that wasn't possible and the player will keep working with us.
"The possibility of joining Arsenal has been ruled out."
However, Marulanda does expect the youngster to leave the club this summer as a number of other sides remain interested.
He continued by saying: "There are two clubs interested in him, it's true. If there is any other concrete possibility, he will leave."
As for Arsenal, they begin their Premier League campaign at home against Aston Villa on Saturday and will be hoping to improve on last season's fourth placed finish.
The Gunners have yet to make any major signings this summer, but could still wrap up some business before the end of the transfer window.