Arsenal have missed out on the chance to sign Porto striker Jackson Martinez with the Colombian set to move to Atletico Madrid.
The 28-year-old had been strongly linked with a move to north London after impressing again in Portugal last season, where he has been the top scorer in the Primeira Liga for the last three seasons.
Wenger admitted back in February that he was a fan of Martinez, who is currently on duty at the Copa America, while the striker had been hinting at a move to the Premier League.
But Martinez's agent Luiz Henrique Pompeo has confirmed to Spanish newspaper AS that his client will move to Atletico Madrid for €35million (£24.87m), the value of his release clause.
"It was finalised today," said Pompeo. "We want to thank Milan for their interest right up the end, we feel very honoured by it, but you can't be in two places at once.
"It's a very big club, which has done important things in the league and in Europe. Jackson is going there to also achieve great things and to bring the best out of himself to become even better. That's his dream and he's very excited. He's really happy."
Atletico had announced on Monday that they sold Mario Mandzukic to Juventus after just one season at the club.
Martinez scored 92 goals in just 132 matches in his three seasons at Porto.
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