Andrei Arshavin's protracted transfer from Zenit St. Petersburg to Arsenal was still to be ratified on Tuesday by the Premier League.
The 27-year-old had been linked with the Gunners throughout the transfer window and flew into Britain on Sunday for a medical at north London club.
The transfer could not be processed before Monday's 5pm deadline, but it was reported that the necessary paperwork was submitted in time, allowing the move to be officially completed.
However, a Premier League spokesman told CNN Tuesday that there were "still a number a transfers that require clearance by the Premier League board."
The 27-year-old Arshavin was set to be the only major deal completed by Arsenal in the January window and the fee for the player is believed to be between Ј12-15 million pounds, which would be an Arsenal club record.
Assuming the deal is completed, manager Arsene Wenger will be hoping he can show the form which underpinned Russia's superb performances in Euro 2008 and Zenit's triumph in the UEFA Cup final against Glasgow Rangers last May.
Arshavin himself remains confident the deal will go through. He told his personal Web site www.arshavin.com that he believed the paperwork had been tied up.
"Now I can say only one thing -- that if I play for Arsenal, it will be at number 23."
Arshavin was identified early on as the club's number one target as Wenger looked to compensate for the losses of long-term injury absentees Cesc Fabregas, Tomas Rosicky and Theo Walcott.
Wenger, who prefers to develop talent rather than rely on big money transfers, said at the weekend that he was not looking for an "instant savior" but has moved after his side slipped five points off the top four and Champions League qualification.
Arsenal's home FA Cup fourth round replay with Cardiff was called off on Tuesday due to poor weather, but the domestic cup competition and the Champions League appear their best hope of honors this season.
Meanwhile, one late deal which was completed saw Chelsea sign Portugal international winger Ricardo Quaresma on loan from Inter Milan until the end of the season.
Quaresma, a member of Portugal's Euro 2008 squad when Chelsea manager Luiz Felipe Scolari was in charge, endured an unhappy spell with the Serie A champions after being signed by Jose Mourinho at the start of the season.
The 25-year-old was also Chelsea's only signing of the January transfer window and he will join a five-strong Portuguese contingent at the west London club.
Queresma had looked set to join city rivals Tottenham Hotspur, with reports suggesting England midfielder Jermaine Jenas would move the other way, but he opted for Chelsea at the last minute.
Scolari will hope he shows the form which made Inter pay Porto nearly $24 million to secure his services and will give him an extra wide option after the long-term injury to Joe Cole.
Chelsea, once the big-spenders in the transfer market with the backing of billionaire owner Roman Abramovich, dropped five points behind leaders Manchester United with a 2-0 loss in the Premier League on Sunday to Liverpool, but are still in the FA Cup and Champions League.
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