Arsenal's January move for Julian Draxler failed due to the Premier League outfit not offering enough money, according to Schalke sporting director Horst Heldt.
The Gunners were linked with a move for the 20-year-old playmaker throughout the most recent transfer window, with the club eventually turning to Spartak Moscow midfielder Kim Kallstrom to bolster his squad.
It was speculated that Arsenal's move for Draxler did not come to fruition due to the German club's valuation of the player. Now that would appear to have been confirmed by Heldt.
"It was a lot of money, but it wasn’t enough for us," he told German television station SPORT1 when asked about Arsenal's bid for Draxler in an interview that was quoted by The Metro.
Heldt was also quick to confirm that Bundesliga champions Bayern Munich had not made an offer of their own to secure Draxler's signature.
"No, definitely not," he added.
Draxler, widely considered to be one of the best young footballers in Europe, is already an integral figure for Schalke and keeping hold of him will surely have provided Jens Keller's side with a huge boost.
Arsenal, meanwhile, endured a rather frustrating transfer window that was made worse by the news that Kallstrom was suffering a troublesome back injury.
Wenger's side, who got revenge for their drubbing at Anfield by narrowly beating Liverpool 2-1 in the fifth round of the FA Cup on Sunday, are entering a crucial period of the 2013/14 campaign and could certainly have done with strengthening their squad.
Draxler - a player whose current contract reportedly contains a £37.3million release clause - possesses the versatility to play in midfield or attack and would surely have considerably improved their strength in depth.