Reports in Italy per sportwitness say the Inter forward did not sign because Mauricio Pochettino failed to make a big move for his signature.
The Croatia star, 30, has also been a long-standing target of Manchester United and the Gunners.
But the Turin newspaper describe Perisic's supposed move to Tottenham as a 'summer wedding'.
Any chance of a move to the Emirates looks to have gone up in smoke after Inter boss Luciano Spalletti said Arsenal "conned" Perisic with their transfer talk.
Former Dortmund star Perisic went so far as to hand in a transfer request but Spalletti fumed: "These things happen in the transfer window, the player received an impressive proposal and was tempted.
"However, he then realised it was not a true offer, that he’d been conned, and took a step back."
And Unai Emery's side would even have made him their second-highest earner on £250,000 a week.
With Spurs the most likely destination, a cash plus player deal could be in the offing.
It is claimed Moussa Sissoko and Serge Aurier could go to Serie A as part of the agreement.
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