Arsenal have indicated that Jose Antonio Reyes could be set to stay at the club after rejecting a bid from Atletico Madrid.
Atletico had been hoping to prise the Spaniard away from The Emirates Stadium for a fee of around £8 million, but Arsenal turned down the approach as they were holding out for an offer in excess of £12 million.
And Gunners vice chairman David Dein now believes that, with the clock ticking down to the close of the transfer window, Reyes may well stay in North London.
"They have made an offer which has been rejected," Dein told Sky Sports News.
"He is an Arsenal player and may very well remain an Arsenal player."
Atletico emerged as surprise suitors for Reyes on Wednesday after weeks of intense speculation linking the 22-year-old with a move to Madrid rivals Real.
Arsenal boss Arsene Wenger has said that Reyes has become unsettled by the rumours and has so far frozen him out of first team action this season.