Manchester City failed with late move for Porto defender Eliaquim Mangala in January, according to Le 10 Sport.
The French centre-back has caught the attention of a host of top Premier League clubs with Arsenal, Manchester United and Chelsea all accredited with an interest.
Manuel Pellegrini took the initiative in the race for his signature, submitting a late €36m bid to Porto only to see it rejected.
Porto were expecting to see Manchester United, Chelsea or the Citizens meet Mangala's €46m release clause and were surprised to see the cash rich City fall short of the mark.
Not keen on losing their star defender halfway through the season, the Portuguese outfit swiftly rejected to offer from the Etihad Stadium.
It opens up a potential transfer battle in the summer with Arsenal the latest to enter the race for the 22-year-old. The Metro claimed Wenger was preparing a testing £35m summer bid in an attempt shore up his options in the Gunners back line.
There are also suggestions that Wenger will need to replace Thomas Vermaelen, who is tipped to leave.
David Moyes was also ready to make Mangala part of his summer recruitment drive at Old Trafford in an attempt to replace Nemanja Vidic.
Jose Mourinho will also need to replace an ageing John Terry and sees Mangala as the perfect long-term addition at Stamford Bridge.