Arsenal wanted Monchi to become their new director of football, viewing the Spaniard as the perfect man to take the club forward.
The Gunners were keen on the transfer guru to oversee recruitment after choosing to cut ties with Sven Mislintant back in January – after just over 12 months at the club.
However, Arsenal were dealt a snub when Monchi opted to return to Sevilla – the club where he made his name – instead.
Monchi himself explained the decision, saying: “I thank Arsenal for their interest.
“It has been the club that has shown the most interest in me but, in the end, I evaluated all of the offers I had on the table and I chose the one that convinced me most.
“I had other options, and very important ones that were flashier, but I’ve chosen Sevilla because its sporting project convinced me.
“I want to thank everyone that contributed to my return to what I consider to be my home.”
Yet the Evening Standard say Arsenal lost out because their transfer plans for next season were already TOO advanced – meaning Monchi was reluctant to come in.
With the Gunners operating on a stricter budget than their top six rivals – Tottenham aside – many fans always fear the worst.
But the new revelation seems to imply that supporters should not be concerned with Arsenal already planning for the future.
Unai Emery wants a centre-back in.
And he may also sign a goalkeeper if David Ospina is not retained upon returning from a loan spell with Napoli.
Arsenal are set to lose three big players at the end of the season, however.
Aaron Ramsey has already agreed to join Juventus on a free transfer, where he will join Cristiano Ronaldo in Turin.
Petr Cech will retire after a trophy-laden career.
And Danny Welbeck, who is sidelined through injury, is also primed to depart on a free.
Who they land, though, is something only time will tell.