Chelsea have landed the much-coveted Mykhailo Mudryk from Shakhtar Donetsk in a deal which is worth an initial £62million.
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 have won the race after coming in with a higher late offer.
Graham Potter will hope Mudryk's arrival helps his side move up the table as the Blues are facing a real fight to make the Champions League places this term and are 10/1 in the to Finish In Top 4 market.
The Gunners, who are 6/5 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, but Mudryk is certainly not the first player to join another side 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 from under the noses of a transfer rival...
Prolific striker turned TV pundit Alan Shearer nearly joined Manchester United before making his then-record-breaking £15million switch to Newcastle United in 1996.
Shearer, who had also snubbed interest from the Red Devils when leaving Southampton for Blackburn Rovers in 1992, was apparently happy to join Man Utd this time and had met Sir Alex Ferguson to iron out a move before his hometown club came in for him.
Former Old Trafford 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 the Toon.
United quickly moved on and maintained their 90s dominance in the top-flight without the Geordie frontman, while Shearer will have few regrets 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 may not have ended well as the Portugal international criticised his manager, Erik ten Hag, and hit out at the way he had been treated back at Old Trafford in a bombshell, reveal-all TV interview late last year.
His second exit from the red half of Manchester seemed inevitable last month and the 37-year-old has since sealed a hugely-lucrative move to Saudi Arabian side Al Nassr as his glittering career finally winds down.
However, it initially looked like Ronaldo was going to return to the Premier League with United's local rivals Man City in 2021 from Juventus as 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 had graced Old Trafford originally between 2003 and 2009, had a change of heart and moved back to his former club rather than making what would have been a shock switch to the Etihad.
Alexis Sanchez was a hot property 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 the forward, as they were aware that Luis Suarez wanted out that close season to join Barcelona.
Then Reds boss Brendan Rodgers and the club's much-criticised transfer committee identified Sanchez as the ideal replacement and the Northern Irishman would admit years later that they thought a deal had been agreed at one stage.
Even Reds 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 and 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 flying Welsh forward James for several months and believed a deal was in place for the Swansea City man to make the move to Elland Road in the summer of 2019 after a January switch, which was all-but signed and sealed, had fallen through at the last minute.
Instead, old rivals Manchester United came in with a late offer that summer and James made the move to that side of the Pennines in a deal worth around £15million, much to Leeds' chagrin.
However, his spell at Old Trafford did not go exactly to plan and he would eventually end up at Elland Road, joining the West Yorkshire side in the summer of 2021 for a reported £25million.