Wenger did not feel striker was worth more than £16m.
Arsenal turned down the chance to sign Fiorentina striker Stevan Jovetic on transfer deadline day, fanatix understands.
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The Gunners had a £16m bid rejected by the Serie A outfit on Thursday morning but Fiorentina told the North London outfit they would be willing to sell the 23-year-old for around the £20m mark.
Although the Arsenal board were prepared to sanction the move, boss Arsene Wenger felt the Montenegro international was not worth that amount.
Jovetic has scored eight goals in 17 Serie A appearances for La Viola this season and the striker can also operate in attacking midfield or on the left wing.
The Emirates Stadium club also missed out on Athletic Bilbao centre-half Fernando Amorebieta, who told Wenger he wanted to remain in Spain until at least next summer.
Arsenal did add one player to their squad on deadline day, with Spanish international left-back Nacho Monreal joining from Malaga.
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