Few hours to the closure of window, Arsenal reportedly pulled out of a late deal to sign Barcelona winger Malcom due to the size of the requested loan fee.

The Gunners agreed on  a £2m loan deal with Barca for the services of winger Denis Suarez earlier today and had also been discussing a similar arrangement for his teammate Malcom, who has struggled for game time since moving to Camp Nou last summer.

However, Arsenal were left "astonished" by Barcelona';s demands for a significant payment in exchange for releasing the player on loan until the summer, report reveals.

On the other hand, Tottenham Hotspur had also been in the running for the Brazilian but they too are thought to have dropped out of the running due to the size of the fee.

Arsenal have been limited to pursuing only loan deals this month due to a lack of available funds, but have only managed to conclude a single deal for Suarez.