Arsenal's failed bid for Thomas Lemar could scupper Alexis Sanchez move to Man City
Arsenal appear unlikely to complete the signing of Monaco forward Thomas Lemar, meaning Manchester City's bid to sign Alexis Sanchez also looks destined to fail.
Some reports suggest Arsenal offered as much as £92million for France international Lemar, but Press Association Sport understands the Gunners are now not expecting to get the deal over the line before the 11pm deadline.
Lemar, 21, has been a target of Arsenal boss Arsene Wenger for much of the summer, with Liverpool also interested in him.
It is understood the Gunners made a late push to sign Lemar after Manchester City made them an improved offer for Chile forward Sanchez.
While Wenger has been insisting for months that Sanchez, whose contract expires at the end of the season, would not be sold, it is believed he would have had a chance of a move if Arsenal could have signed a replacement.
But their failure to land Lemar ultimately means Sanchez is likely to stay put, even though it is understood City launched an improved bid earlier on Thursday.
The big move of deadline day so far was a departure from Arsenal, with Alex Oxlade-Chamberlain moving to Liverpool for £35m.
The 24-year-old England midfielder has agreed a long-term contract, understood to be five years, at Anfield.
Elsewhere, full-back Serge Aurier joined Tottenham from Paris St Germain in a £23m move.
Swansea landed Renato Sanches, the Portugal international midfielder, on a season-long loan from Bayern Munich and could re-sign Wilfried Bony from Manchester City after having a £12m bid accepted.
Bony appears likely to be a replacement for Fernando Llorente, the Spain striker who could join Aurier at Tottenham.
Llorente had been expected to be reunited with Antonio Conte - his former boss at Juventus - at Chelsea, but negotiations with Spurs are more advanced.
Chelsea had been linked with Oxlade-Chamberlain, too, and could be left frustrated once more.
Conte has repeatedly spoken of the need for the Premier League champions to add to their thin squad, but they are leaving it late.
The likes of Leicester midfielder Danny Drinkwater and injured Everton midfielder Ross Barkley have also been linked with the Blues, as has Riyad Mahrez.
Drinkwater has handed in a transfer request at Leicester and Demarai Gray has also asked to be allowed to move on, with Bournemouth having had a £25m bid rejected on Wednesday.
Mahrez, a key figure in Leicester's surprise title triumph in 2016, has been allowed to leave the Algeria squad preparing for World Cup qualifying action and return to Europe to "formalise his transfer to his new club", the Algerian Football Federation announced late on Wednesday.
Roma have had three bids rejected for the 26-year-old, the third for £32m.
Defenders Jonny Evans of West Brom and Virgil van Dijk of Southampton have been linked with Manchester City, who have received a bid of more than £20m for Eliaquim Mangala from Crystal Palace. Liverpool could also move for Dutchman Van Dijk.
Philippe Coutinho has been linked with Barcelona, although Liverpool insist the Brazilian is not for sale. The Reds have let Divock Origi leave on loan for the season, with German club Wolfsburg his destination.
Chelsea striker Diego Costa could also move to Spain, where the transfer window runs for another day.
One of deadline day's more bizarre tales involved West Ham striker Diafra Sakho. He returned from passing a medical at French club Rennes, via a trip to Chelmsford racecourse where his agent's horse won the 3.20, to try to engineer his departure from the London Stadium. West Ham are adamant the Senegal international is not for sale.
Meanwhile, striker Nahki Wells has joined Burnley from Huddersfield for an undisclosed fee and Watford have signed full-back Marvin Zeegelaar from Sporting Lisbon and goalkeeper Orestis Karnezis on loan from Udinese.
Teenage central defender Kyle Jameson has joined West Brom from Chelsea and England youth international Jadon Sancho has left Manchester City to sign for Borussia Dortmund.