Arsenal were close to making a double loan swoop from Barcelona on a busy day in north London.
Having already sealed the capture of Denis Suarez on Thursday, it emerges that Unai Emery also tried to bring in his team-mate Malcom.
But the Spanish giants were not willing to let the Brazilian go on the cheap, so soon after his £36.5m arrival in the summer.
Arsenal were left astonished by the enormous loan fee that Barca demanded for the winger and decided to walk away, according to The Sun.
Malcom has made just one La Liga start and five substitute appearances since moving to the Nou Camp from Bordeaux in the summer.
Suarez proved to be Arsenal's only addition on deadline day, arriving on loan with the option of a permanent £20m deal in the summer.
He will wear the No 22 shirt and could make his debut on Sunday against former club Manchester City.
'I've come here to play as much as possible and try to help the team qualify for the Champions League,' Suarez said.
'I'd like to win the Europa League with Arsenal too - why not? It's a trophy I won under Unai Emery at Sevilla and I'd love to win it again here.'