The Gunners have reportedly had their season-long loan bid for Aleksandr Kokorin rejected.
Arsene Wenger is understood to be working had to bring in more attacking talent before the end of the transfer period.
But deals for strikers are proving hard to come by and now the Arsenal boss has been dealt another setback.
Reports from Russia have claimed that Dynamo Moscow have turned down the Gunners‘ bid for Kokorin.
It is believed that Wenger was keen on bringing in the Russian striker on a one year loan move with the view of a permanent deal but Dynamo are thought to be dissatisfied with the terms tabled by the North London side.
Kokorin had looked likely to leave the club earlier this summer, with the player’s agent confirming an exit was very close.
Cyril Loginov said: “Right now I’m working on Kokorin’s transfer.
“There are many reasons to think that it will [happen] in one of two teams before August 31.”
By Phil Wellbrook