Mauro Zarate will remain at Lazio this season after they refused to let him go out on loan.
The 24-year-old had been strongly tipped to leave the club over the summer following a rift with coach Edy Reja.
Inter Milan and Arsenal had reportedly been interested in taking the striker on loan for the new campaign as the Argentine contemplated leaving the club.
However, after spending €20million (£17.7m) to purchase the striker from Al-Sadd in 2008, Lazio are only prepared to consider permanent deals.
"There was minor interest from Inter but the loan option did not satisfy (Lazio president Claudio) Lotito," said Zarate's agent, Giuseppe Bozzo told Gazzetta dello Sport.
"With Zarate, the club president made a strong investment and he does not want to lose out.
"There are not many clubs willing to spend 20million euros for Mauro and there is a 99% chance that he will remain at Lazio."
Zarate scored nine goals in 35 appearances last season and is under contract until 2014.