Arsenal have decided against making a bid for Sporting Lisbon winger Joelson Fernandes, according to the Daily Mail.

We reported on claims in the Portuguese media yesterday that officials from the Gunners were set to travel out to Portugal to begin negotiations over signing the 17-year-old at the beginning of next week.

However, the Mail claim the London club have had to “back track” and they have now opted to pull the plug on the deal after it became clear they could not afford the player.

It had been reported that Arsenal could have snapped up Joelson for well below his €45m (£41m) release clause but it appears that is not the case.

With the Gunners having a restricted transfer budget, it has been decided that the money could be better spent elsewhere, with the Portuguese teenager now expected to stay at Sporting.

Considering the figures being bandied around, it is not a surprise that Arsenal couldn’t afford Joelson but it is strange that the club were even considering a bid in the first place.