Mikel Arteta and Arsenal have targeted the transfer of Portugal international Pedro Neto from Molineux.

National Daily can confirm that the north London club however look set to get their desire to bring the 22-year-old to the Emirates before the transfer window closes thwarted after Wolves’ hierarchy decided against selling their star man.

Arteta has been exploring the possibility of completing a deal for the Portuguese winger as Arsenal boss looks to recruit a new wide-man to offer competition and more especially cover for Bukayo Saka.

National Daily had previously reported that Arsenal had earlier this summer, looked into a potential move for Raphinha before the Brazilian’s eventual departure to Barcelona from Leeds United.

Meanwhile, the Gunners’ need for a winger becomes more critical owing to Nicolas Pepe’s near exit from Arsenal for a return to Ligue 1 with Allianz Riviera believed to be his likeliest destination.

The club-record £72million signing is expected to return to France in the coming days and was left out of the squad for the weekend win over Bournemouth – though the two clubs still need to agree on how much of Pepe’s salary is being covered.

The development is understood to have prompted the increasing speculation that Arsenal will bring in a new winger to replace Pepe and they have been heavily linked with a move for Neto in recent days.

Jorge Mendes has been speaking to both clubs about the logistics of a deal, with the super-agent having strong ties to Wolves as well as a good relationship with Arsenal technical director Edu, National Daily understands.

However, Portuguese newspaper O Jogo claims Neto will not be allowed to leave the club before the transfer window closes, with Wolves firmly closing the door on a potential deal.

They have made it clear to Neto that they want to keep him at Molineux for at least one more season and do not expect the winger to kick up a fuss – especially after they handed him a new five-year contract while he was still recovering from a long-term injury.

With the 22-year-old contracted until 2027, Wolves have a very strong bargaining position and Arsenal would need to make an offer well in excess of £50m to force a U-turn from their Premier League rivals.

Manager Bruno Lage played down reports of Arsenal’s interest on Tuesday evening after Wolves’ win over Preston in the Carabao Cup, saying: ‘I have heard that but nothing has come to us.

‘It’s normal now, with the good players that we have. Teams are looking for good players in the same way we are looking for [Goncalo] Guedes, Matheus [Nunes], [Nathan] Collins. No one told me anything about any proposal.’

There had been suggestions that the arrivals of Guedes and Nunes – as well as a mooted move for striker Sasa Kalajdzic – might allow Neto to leave, but Wolves’ not-for-sale stance has not softened.

With Arsenal therefore set to miss out on the Portuguese star, Arteta will have to go back to the drawing board to find a new winger to add to his squad before the window closes in a week’s time.