Frankfurt's technical director Bruno Huebner said on Wednesday that the deal would depend on whether the transfer was financially viable for the club.

And after discussions with the Premier League side, it was decided the move will not go ahead.

"Our special thanks go to Arsenal manager Arsene Wenger for the constructive discussions and good co-operation," Huebner told the club's official website.

"There was a willingness from all three parties (to make the deal happen), but ultimately it will not fit."

The Denmark international has been seeking a move through the close-season after finding himself on the periphery of the Arsenal first team.

He spent last season on loan at Serie A champions Juventus, and previously had a temporary spell at Sunderland.