The discussions between the Gunners and the Catalan outfit were extremely short as Barcelona made it categorically clear to the north London side that Mascherano was not for sale.
And, despite the Argentine star having had previous success in the Premier League at Liverpool, he now looks set to stay at the La Liga giants.
However, the Gunners do seem to be closing in on a deal for Real Madrid ace Mesut Ozil as Arsene Wenger looks to add to his squad before the close of the transfer window at 11pm tonight.
The Gunners have yet to spend any money this summer - but could soon smash their transfer record with the signing of the German playmaker.
Fans have become increasingly frustrated with the lack of signings at the Emirates, and despite having no luck with Mascherano, the north London club could soon be unveiling a new star.