Arsenal are understood to have pulled out of a move for Valencia goalkeeper Vicente Guaita.
Officials from the Premier League club reportedly flew out to Spain on Tuesday to hold talks with their counterparts over a transfer for the 26-year-old.
However, a deal is now unlikely after the Gunners were put off by Valencia's £17m valuation of the shotstopper, according to Goal.com.
Guaita graduated through the youth academy at the Mestalla before making his first-team debut in 2008.