Chelsea have landed the much-coveted Mykhailo Mudryk from Shakhtar Donetsk in a deal which is worth an initial $76 million.
It was thought Arsenal, who had been in talks with the Ukrainian star for several weeks, would sign the winger this month, but it's their London rivals who won the race after coming in with a higher offer.
Chelsea manager Graham Potter will hope Mudryk's arrival helps his side move up the Premier League table as the Blues are facing a real fight to make the Champions League places this season. Chelsea is +800 in the to Finish in the Top 4.
The Gunners, who are -120 to win the Premier League Outright this season, will be frustrated to lose out on one of Mikel Arteta's top transfer targets to their Premier League rivals. Mudryk is the latest example of a player who joined another club after seemingly being on the verge of a move elsewhere.
Here we run down some other memorable occasions when clubs were able to snatch a player away from a transfer rival...
Premier League record goalscorer Alan Shearer nearly joined Manchester United before making his then-record-breaking $23 million transfer to Newcastle United in 1996.
Shearer, who had also snubbed interest from Manchester United when leaving Southampton for Blackburn Rovers in 1992, was apparently happy to join the Red Devils this time and had met manager Sir Alex Ferguson to iron out a move before Newcastle came in for him.
Former Manchester United chairman Martin Edwards said he'd "actually done a deal as far as Alan Shearer's contract was concerned" and the club had "come to a settlement" with Blackburn.
He went on to reveal "Shearer had been to Alex Ferguson's house, spoke to him and assured him he wanted to come" but the move suddenly collapsed.
As soon as Newcastle let their interest be known - and when Shearer got wind of it - he reportedly only had eyes for them.
United quickly moved on and maintained their Premier League dominance without their transfer target. Shearer will have few regrets himself as he went on to become a Newcastle legend and is still the all-time leading Premier League goalscorer with 260 goals.
Cristiano Ronaldo's return to Manchester United did not end well as the Portuguese international criticized his manager, Erik ten Hag, and spoke negatively about the way he was treated back at Old Trafford in a tell-all TV interview late last year.
His second exit from Man Utd seemed inevitable last month, and the 37-year-old has since completed a big-money move to Saudi Arabian side Al Nassr.
It initially looked like Ronaldo was going to return to the Premier League with Manchester City, United's local rivals, from Juventus in 2021 as manager Pep Guardiola was in talks with the five-time Ballon d'Or winner and a deal was reportedly very close.
It was only when Sir Alex Ferguson intervened that Ronaldo, who cemented himself as one of Man Utd's greatest-ever players during his six-year spell there in the 2000s, had a change of heart and moved back to his former club, instead of their rivals.
Alexis Sanchez was a hot commodity in the summer of 2014 after impressing for Chile in the World Cup in Brazil.
Liverpool had been working hard behind the scenes to try and capture Sanchez, as they were aware current striker Luis Suarez wanted out to join Barcelona.
Liverpool boss Brendan Rodgers and the club's much-criticized transfer committee identified Sanchez as the ideal replacement. Rodgers would even admit years later that he thought a deal had been agreed to at one stage.
Even Liverpool legend Steven Gerrard admitted he had been tasked with speaking to Sanchez that summer in order to persuade him to make the move to Anfield. Gerrard revealed in 2016 there had been "some detailed text exchanges" between the pair discussing the potential move.
Sanchez ultimately chose Arsenal, though, after Arsene Wenger sold him the idea of helping the Gunners recapture their former glories, while the lure of a move to London also appealed more at the time to the Chilean and his partner.
Leeds United had been watching Welsh forward James for several months and believed a deal was in place for the Swansea City player to make the move in the summer of 2019. The deal presumed to be all-but signed and sealed then fell through at the last minute.
Instead, old rivals Manchester United came in with a late offer that summer and James made an $18 million move to Old Trafford.
However, his spell at Man Utd did not go exactly to plan and he would eventually end up at Leeds, joining them in the summer of 2021 for a reported $30 million.