Cape Town - Arsenal's hopes of signing Colombian star Juan Quintero on a cut-price deal have been dashed by the player's agent.
According to the Daily Express, Arsenal were reported to be leading the race with a £16 million bid for talented midfielder with reports even suggesting the deal would be done as soon as this weekend.
Ricardo Calleri, the player's agent, has now ruled out such a move and confirmed that no offers have been received for the player.
Calleri continued by saying that any interested club must be willing to meet his player's release clause.
Arsenal are unlikely to proceed with an improved bid for player, whose release clause is said to be £32 million.
Quintero joined Porto at the beginning of the 2013/14 season and scored four goals in 34 appearances.
Quintero alerted the top European scouts with some fine displays for his national side in the 2014 Soccer World Cup.