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The Gunners had put themselves in a strong position to land the forward, and there was a genuine belief among people close to the situation that an agreement was within reach.
However, Real Madrid made a fresh offer to keep Vinicius, and he ultimately committed his future to the club.
Several months on, there are growing questions about whether that decision has worked out as hoped.
Vinicius has endured a difficult period, with friction, disciplinary issues and a dip in form adding to uncertainty over his place in the team's longer-term plans.
The arrival of Yan Diomande has also changed the picture. The big-money signing is settling in well and showing encouraging form, while his approach appears to be fitting comfortably into the team's collective demands.
That has inevitably brought fresh scrutiny of Vinicius and the role he is expected to play.
Jose Mourinho has confirmed that Vinicius will start Real Madrid's Champions League game in midweek, giving the Brazilian an immediate opportunity to make an impression.
It is an important chance to demonstrate that his quality and influence remain central to the team's ambitions.
There is no suggestion yet that Real Madrid are actively looking to move him on, particularly so soon after securing his commitment.
But the circumstances around his summer decision have taken on a different complexion, with Arsenal having come closer than many might have realised to bringing him to the Premier League.
For Vinicius, the priority now is to rediscover his best form and show that Real Madrid were right to convince him to stay.
Dean Jones has been a transfer news and football insider for Flashscore since 2025, as well as a journalist for leading UK newspapers and websites over the past 20 years, establishing himself as an authoritative and trusted voice in the industry.
