Arsenal had a world-record bid for England midfielder Keira Walsh turned down late in the Women's Super League transfer window.
The 27-year-old has a year remaining on her contract at Barcelona but the European champions were not willing to sell her.
It has been reported in Spanish media that Arsenal's bid was worth £930,000.
Barcelona would have had until Monday to find a replacement as that is when the transfer window for Spain's Liga F closes.
The WSL window closed at 23:00 BST on Friday.
Walsh has already informed Barca that she does intend to renew her contract next summer so is likely to leave on a free transfer, unless they persuade her otherwise.
The England international was signed by Barcelona in 2022 for a then-world record fee of £400,000 from Manchester City.
Zambia's Racheal Kundananji has since become the most expensive player, joining Bay FC from Madrid CFF in a deal worth £685,000 in February.
Walsh has won back-to-back league and European titles with Barcelona.
Coach Pere Romeu told reporters, external on Thursday: "There's no case for Keira leaving. She's been with us throughout pre-season and is a key player for us.
"She totally gets our style of play, is super professional, and has shown an amazing attitude and commitment from day one. So, we're definitely counting on her this season."
Walsh started Barca's opening home game of the season on Friday, claiming an assist in a 3-1 win over Real Sociedad.