Arsenal's transfer window is by no means derailed, but the morale around the club has taken a significant dent in the last 24 hours after news emerged that the Gunners are set to miss out on one of their main targets.
One marquee signing is on the verge of completion in Manchester City forward Gabriel Jesus to the tune of £45million. Once the Brazilian has been officially unveiled as an Arsenal player, the plan from the club hierarchy was to then shift their focus on to Jesus' fellow countryman Raphinha.
The Leeds United winger is highly thought of by those at the Emirates, but as things stand they are now on course to lose the race for his signature to fierce London rivals Chelsea. The Blues have flexed their financial muscles at just the right time under new owner Todd Boehly by agreeing a fee reportedly worth £60m including add-ons for the pacey winger.
All signs would now indicate Raphinha is heading to Stamford Bridge providing the west London outfit can agree personal terms with the 25-year-old. Arsenal, meanwhile, will be left scratching their heads over what do next after having their second verbal bid for the player gazumped by their top-four rivals.
Though there are a few alternatives the Gunners could look to pursue, none are of the talent level Raphinha is currently operating at. During his two-year spell at Elland Road, the wide-man has been the subject of interest from some of the continent's biggest clubs including Bayern Munich and Liverpool.
Raphinha is not the only player Arsenal could miss out on. Leicester City midfielder Youri Tielemans has just one year left to run on his current deal at the King Power and was widely tipped with a move to the Emirates for a cut-price fee.
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However, time and resources appear to have been spent on a failed pursuit of Raphinha - opening the door for Manchester United to come in and make a play for the Belgium international. New Red Devils boss is thought to be a big fan of the former Anderlecht midfielder and could be willing to meet Leicester's £30m asking price.
Were Chelsea to secure Raphinha and United seal Tielemans, two players high up on Arsenal's transfer wish-list - it would mark a steep decline from the kind of optimism Edu had when addressing the fans and sparking excitement of "good news".
The technical director was confident when he told the fanbase via Arsenal's official website: "We have to go into the market for exciting players with the right age, right attitude and right mentality. This summer is just the consequence of what we've been working on a lot, to try to find the best players, the best targets.
"We identify really what we need in the squad, so when we started this summer, we are prepared. I think we still have some good conversations and positive conversations to be fair. I hope we can give to the fans some good news."
That hope appears to be dwindling as two targets look to have passed Arsenal by, potentially due to some dawdling on their behalf that allowed two of their Champions League qualification rivals to capitalise.
There remains plenty of time for Arsenal to steer things back on course, but were the window to close tomorrow - even with Jesus wrapped up, there could be a sense of disappointment among the Gunners faithful.
