The dream to sign Vinicius Junior from Real Madrid is over after the Brazilian signed a new contract, despite Arsenal's attempts to try and convince him to move to north London.
Arsenal's sporting director Andrea Berta works in a particular way where he lines up several deals per position, getting ducks in a row and then deciding on which player to go for. If one falls through, he moves to the next best deal.
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Arsenal knew Vinicius Jr would have been a complicated signing to make - and insisted he was one of a number of attacking options for the Gunners this summer.
But with former No 1 target Rogers joining Chelsea for £117m, then Vinicius committing to Real - Arsenal's attacking transfer options are slimming down.
What do the Gunners do now as they bid to improve their chances of retaining the Premier League title?
Go for another winger
Arsenal have shown a clear desire to improve the left-wing area this summer.
Over the last few years, neither Leandro Trossard nor Gabriel Martinelli managed to nail down that position and while the former ended the season as a key first-choice player, the fact he was sold to Besiktas early in the window was pretty telling about how they felt about the 31-year-old.
Arsenal have signed Christos Tzolis from Club Brugge, but are still in need of a top-quality winger - one very much in the Vinicius Junior mould - to really take that area of the pitch to the next level.
"We need these kind of players," said left-back Riccardo Calafiori this week about the importance of Arsenal signing genuine top-level talent. Mikel Arteta said top signings are needed to "attack every title" this season.
Arsenal have shown an interest in Paris Saint-Germain winger Bradley Barcola, who has two years left on his contract with the French and European champions - and is showing no signs of wanting to sign a new one.
However, Barcola is valued at £145m by PSG and the price tag may prove to be an issue. Yes, Arsenal would have probably paid around that amount for Vinicius Jr, but the Gunners have been very clear they will not overspend on a player, not a position.
For example, they valued Villa's Rogers at a certain price but when Chelsea arrived with a £117m offer, they chose not to match that as it was too high, even though he was the club's No 1 target.
A move for Barcola could come down to whether Arsenal and sporting director Berta feel PSG's valuation is right for the Premier League champions.
Liverpool have also shown an interest in Barcola and the opportunity to move to Anfield is said to appeal to the player.
Arsenal also held an interest in RB Leipzig winger Yan Diomande, but he has joined Vinicius Jr at Real Madrid in a £120m deal.
Stick with what they've got
Arsenal may decide that the left-wing area is lacking in top-class options, now Rogers and Vinicius Jr are unavailable. They may just stick with what they've got.
Do Arsenal go for a player like Marcus Rashford or Rafael Leao, who have both been strongly linked with moves away from Manchester United and AC Milan respectively? Both of those players are being branded as the next-best options in the market right now - yet both would represent big risks.
All throughout his Arsenal career, Mikel Arteta has been very insistent that the Gunners should only sign genuine quality, rather than just someone to make up the numbers. If Berta's next left-wing target are third or fourth-choice options behind Rogers and Vinicius, are they really worth going for?
New signing Tzolis is very highly-rated in the Arsenal camp. "I think you're going to love the player. A player who is very direct, he's got the goal between the eyes," said Arteta after he got off to a goalscoring start against Girona.
If Tzolis gets anything close to the 51 goal contributions in 52 games last season for Club Brugge then that patience could pay off for Arsenal. But it is a risk, given the Belgian Pro League is rated by Opta as the eighth-best league in the world, one spot behind the EFL Championship.
Then there is also the case of Martinelli, whose future sits in limbo with one year left on his Arsenal contract.
The Brazilian got just one Premier League goal last season for Arsenal, albeit an important one against Manchester City. While he fared better in the Champions League with six strikes, the fact Arsenal are not rushing to give the 25-year-old a new deal before it expires shows they are willing to entertain his departure this summer.
Yet while Martinelli could easily be sold this summer, he does have experience of guiding Arsenal to a Premier League title - something the current left-wing market may not be able to provide right now.
It may not go down well with Arsenal fans, but Martinelli might be worth keeping for now.
Target other positions
Of course, Arsenal could improve their attack this season without improving the left wing.
The Gunners hold a strong interest in Atletico Madrid striker Julian Alvarez, who wants to leave the LaLiga club.
Signing Alvarez could result in Gabriel Jesus' Arsenal departure - and having three No 9 options in the Argentine, Kai Havertz and Viktor Gyokeres is a formidable trio.
However, the issue with Alvarez is that he wants to join Barcelona. There is currently a stalemate as Atletico Madrid do not want to sell him to Barcelona, and would rather let him go to a club outside of Spain if he is to leave.
Arsenal need to convince Alvarez that north London is the right move for him, away from his dream destination.
Arsenal also hold an interest in Bournemouth forward Eli Junior Kroupi, but not only have the Cherries issued a 'not for sale' sign on the Frenchman this summer, he is also out for three to fourth months with injury, so would not be of great use to the Gunners right now.
Arsenal could also use the money they would have spent on Vinicius and Rogers to improve their defence, with William Saliba out for an extended period due to a back injury.
The Gunners have been interested in a move for Aston Villa's Ezri Konsa, who is valued at around £60m.
While Arsenal have missed out on a blockbuster signing in Vinicius Jr, the Premier League champions still have improved on their squad. They have replaced Christian Norgaard with a clear upgrade in Bruno Guimaraes, while Tzolis represents a younger - and possibly a more promising - version of Trossard.
But will the Gunners strike again in the transfer market at the top end of the pitch, to strengthen their title defence chances even further?
