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Brighton were determined not to sell the player midway through a season. Caicedo made it clear he was keen on moving to the Emirates but has since been reintegrated back into the Seagulls team after missing the FA Cup fourth-round win over Liverpool.
It appears Arteta still wants to strengthen in wide-attacking areas, despite signing Leandro Trossard in the winter. Mykhaylo Mudryk was the top target but he joined Chelsea instead.
Meanwhile, targeting a left-back would throw major doubt over the future of Kieran Tierney. Oleksandr Zinchenko has leapfrogged the Scot in the pecking order and Newcastle are reported to be interested in signing him.
The Times says Arsenal would have to raise money through player sales in order to afford all the signings they want to make. Tierney would likely attract a fee around the £25million Arsenal paid for him in 2019.
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