Sergio Ramos signed a two-year deal with PSG.
The Gunners have offered a £30m wage to the former Real Madrid defender which would have been paid over the course of two years.
Ramos has ended his 16-year spell with Real Madrid as he failed to agree to a new deal with Los Blancos.
He was initially interested in Arsenal’s offer but lack of Champions League qualification made him opt-out from the offer.
The 35-year old eventually joined French giants Paris Saint-Germain on a two-year deal.
‘The best place to keep on dreaming, the best club to keep on winning,’ said Ramos upon confirmation of his move.
‘We’re going to fight with everything we have for everything. Allez. Paris Saint-Germain is a club that has already proven itself at the highest level.
‘I want to continue to grow and improve at Paris and help the team to win as many trophies as possible.’
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