Arsenal were interested in Mauro Icardi this summer
Arsenal twice reportedly met with Icardi's wife and agent Wanda Nara over the summer to discuss a possible deal for the frontman.
Nara even supposedly settled on a £5.8million-a-year contract for the Argentina international and headed back to Milan to inform the San Siro giants of the Gunners' interest.
But Milan refused to sell their 23-year-old captain.
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His new terms will run until 2021 and includes a £98.9m (€110m) release clause which can only be activated by non-Italian clubs.
Juventus this summer broke the Serie A transfer record when signing Napoli talisman Gonzalo Higuain for £75m.