Arsene Wenger's attempts to spend money have once again been thwarted after the holding midfielder opted against a move to the Gunners to continue his career in the Bundesliga

Wolfsburg have announced on their official website that they have secured the services of Luiz Gustavo from Bayern Munich for an undisclosed fee, beating Arsenal to the signature of the Brazil international.

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The 26-year-old has signed a five-year deal with the 2008-09 Bundesliga champions and will be officially presented later on Friday.

Arsenal had a £17.2 million bid accepted for the Brazilian earlier this week, but he has elected to stay in Germany and move to the Volkswagen arena.