Arsenal secured the loan signing of Denis Suarez in January with Unai Emery reportedly keen on adding creative midfielders to his squad.
One player that was heavily linked with a move to the Emirates was Ever Banega.
Banega, 30, has played for Sevilla almost 200 times either side of a spell at Inter, and played under Emery in Spain.
Spanish football expert Guillem Balague has now provided an update on the proposed deal, but has suggested that it is highly unlikely to be competed.
He told The Sport Review: “Those are reports that keep coming into the media every now and again.
“I think the last time was about a month ago.
“They are stories which originated in Sevilla around three months ago.
“It’s very old news and I’m pretty sure that Arsenal are not looking for that kind of player.”
Arsenal are currently fifth in the Premier League table, with fans becoming frustrated with several poor results.
The inclusion of Mesut Ozil in the starting line-up against BATE in the Europa League gave fans some hope for the next few months.
Before that match Arsenal hero Paul Merson implored Emery to use Ozil as the club’s chief playmaker.
“He’s their best player, he doesn’t play – it beats me,” Merson said, while speaking on Sky Sports News.
“He must sit at home and watch them and think ‘how do I not get in this team?’
“I don’t know if they’re trying to push him into retirement, because he must sit there and think ‘I might as well retire if I can’t get into this team’.
“For me, I’d play him.”
Next up for Arsenal is a visit of Southampton tomorrow, with the Gunners hoping to move into the top four.