Andrey Arshavin has turned down a Russian transfer deadline day move to Dinamo Moscow, preferring to stay at the Emirates to fight for his place in the first team.
It is believed Arsenal offered Arshavin, 31, to Dinamo on a one-year loan, only for the player to reject the move.
Dinamo manager Dan Petrescu confirmed Arshavin's decision, saying: "I wanted to add this player to the team, but Andrey said no to Dinamo."
The Russia captain lost his place in the Arsenal side last season, leading to a loan move to his former club Zenit St Petersburg.
He returned to London in July to find his chances limited, and has made only a brief substitute appearance against Sunderland so far this season.
He had been linked with a move back to Russia all summer, with Zenit and CSKA Moscow having also expressed interest. However, Russia's transfer window closed on Thursday at 9pm.
Zenit had already dropped out of the race with their general director Maxim Mitrofanov revealing their top targets lie elsewhere. "It's true we are negotiating for Nani and Moutinho, but Hulk and Witsel were our top priorities," he said.
In the past, Arshavin has said he would only return to his homeland to play for his beloved Zenit.