Arsenal reportedly made formal bids for both Angel di Maria and Mesut Özil as the club strived desperately to recruit reinforcements in the final days of the summer transfer window.
Özil arrived at the Emirates Stadium on transfer deadline day in a club record deal worth £42.5 million and, according to Goal.com, the Gunners also made sizeable offer in the hope of also acquiring Di Maria from Real Madrid.
Arsenal are reported to have bid £25.6 million for Di Maria, a fee that would have surpassed their previous record amount paid to sign Andrey Arshavin, but Real Madrid failed to sanction a deal for the Argentina international.
Real Madrid are reported to have provided an indication that Di Maria and Özil would be available for transfer following the arrival of Gareth Bale at the Santiago Bernabeu, but it remains unclear why Arsenal's approach for the former was not accepted.
Arsenal could yet return for Di Maria in the January transfer window given that his future in Madrid remains unclear, although Arsene Wenger may resist the temptation to move for a player who would be cup-tied in the Champions League.
Manchester United have also been linked with a move for Di Maria as David Moyes attempted to bring a notable signing or two to Old Trafford next month, and the 25-year-old remains open to a move.
Madrid president Florentino Perez, however, claims there have been no bids for the player.