The Gunners eventually completed a £42.5m deal for Real Madrid playmaker Mesut Ozil, but the report claims they had their eye on at least three other big names as the clocked ticked down.
A move for Benteke was turned down outright by Villa, who recently signed up the Belgian to a new long-term contract.
Pastore, who was roundly criticised for his performance for PSG at the weekend, was another linked with the Emirates Stadium.
The Argentinian was one of the first big-money moves to the Parc des Princes from Palermo back in 2011.
Reportedly signed for €39.8m, Pastore has struggled to live up to the price tag and was the subject of ire first under Carlo Ancelotti and now under Laurent Blanc.
The talented playmaker was believed to have been the subject of an enquiry by Arsenal before the Gunners settled on Ozil.
Wenger also reportedly made one final approach for Wayne Rooney, but was again told he is not for sale.
Arsenal also completed the loan signing of Palermo keeper Emiliano Viviano on deadline day.