Arsenal have reportedly failed to negotiate a suitable deal to sign Houssem Aouar from Lyon this summer.
The Frenchman has been one of their prime targets for the transfer window, but they have been unable to convince Lyon to sanction his sale.
According to Fabrizio Romano, Les Gones wanted at least €50m plus add-ons for the midfielder, but the Gunners have refused to offer more than €38m upfront.
Hence, the French outfit have formally ended talks with the north London giants and Aouar will be staying put with the club until the turn of the year at least.
The Gunners had recently tried to include Lucas Torreira as a makeweight to land Partey, but Atleti rejected the approach. Instead, the Spanish outfit are set to sign the Uruguayan on loan with the option to buy.