Manchester City have admitted defeat in their pursuit of Arsenal star Alexis Sanchez.
Pep Guardiola has wanted to add the Chilean to his forward line for a long time, with City officials first contacting their Arsenal counterparts three months ago to make their interest known.
A number of phone calls have been exchanged between senior officials at both clubs.
Arsenal were adamant they would not sell the 28-year-old, until they made it clear that if Raheem Sterling would come in the other direction, a deal could be done.
City refused, but sensed an opening. On Tuesday, an offer of £50m was made. It was turned down.
On Thursday morning, Arsenal officials contacted City. They had found a replacement in Thomas Lemar.
City were invited to make an offer. They did – £55m plus £5m add ons. It was verbally agreed. Arsenal had a bid of £92m accepted by Monaco, only for it to then collapse leaving the Sanchez deal in tatters after Lemar said he wasn’t leaving again.