Atletico Madrid defender Juanfran turned down the opportunity to join Arsenal this summer, snubbing an offer that would have quadrupled his wages, reports the Daily Star.
The 28-year-old right-back has since gone on to sign new contract at the Vicente Calderon, which ties him to the club until 2017, as reward for his loyalty to Los Rojiblancos.
Gunners boss Arsene Wenger enquired about the possibility of taking Juanfran to the Emirates Stadium, to provide competition for the likes of Bacary Sagna and Carl Jenkinson.
However, with one eye on the 2014 World Cup in Brazil, the Spain international thought it too big a risk to up sticks and move to the Premier League, deciding to remain in his homeland, where he has enjoyed a relatively successful career.
Speaking to Atletico Madrid's official website, after the announcement of his new deal, Juanfran spoke of his delight, and revealed his intention to see out his contract in the Spanish capital.
"I want to thank the club and the coach all the confidence they have in me," he said. "I am very proud to wear this shirt and this coat for many years."
Arsenal have been linked with a number of full-backs in recent weeks, including Barcelona's Martin Montoya, and Manchester City's Micah Richards amongst others, and will have to turn their attention to alternative targets following confirmation of Juanfran's new deal.