Manchester City's bid to sign Arsenal forward Alexis Sanchez ended after the Gunners failed to secure a replacement.
It is understood a conditional agreement was reached in principle between City and Arsenal for Sanchez, 28, to move to Etihad Stadium.
The fee was £55m, plus £5m add-ons, but it depended on Arsenal replacing him.
Their target was Monaco winger Thomas Lemar, who is thought to have decided against a move.
A fee in the region of £90m had reportedly been agreed between the Gunners and Monaco for the 21-year-old France international.
Sanchez wanted to join City to be reunited with his former Barcelona manager Pep Guardiola.
He is into the final year of his contract and is likely to leave on a free transfer next summer.
One player who is leaving the Emirates is striker Lucas Perez, signed last summer for £17.1m, who is returning to former club Deportivo La Coruna on loan after scoring seven goals in 21 games for the Gunners.
Stoke midfielder Charlie Adam speaking to BBC Radio 5 live:
Arsenal need Alexis Sanchez more than they need the £60m.
Without him, they've no chance of getting in the Champions League this season. He won't sulk.
Come 1 September, he'll knuckle down and give his all for the team.
Former Aston Villa, Chelsea and Republic of Ireland midfielder Andy Townsend:
Arsenal are in a mess. I would let have let Sanchez go.
His body language in Sunday's 4-0 defeat by Liverpool was really poor.
He's had enough and his mind is already elsewhere. I don't think he'll be able to pick it up quite as quick.
Arsenal Supporters' Trust board member Akhil Vyas:
I hope he regains his focus and gives it his all, which he tends to when on a pitch, for the next season at least.
It has been a very underwhelming end to the window but, at the very worst, if we were not going to bring anyone in, we had to keep Alexis.
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