If the Gunners don't receive a sign soon that a deal could realistically get done, they need to move on.
The latest news surrounding Higuain-to-Arsenal came Friday from John Drayton of the Daily Mail, who outlined Arsenal's doubt with the move as Higuain aimed to clear the air with Real Madrid.
Arsenal's proposed move for Real Madrid striker Gonzalo Higuain has hit another hitch after reports in Spain suggested the Argentine is willing to stay at the club.
Madrid president Florentino Perez rubbished the claims, and Spanish newspaper Marca says Higuain will meet with him on Monday for clear-the-air talks.
Just weeks ago, it seemed that a move was already set in stone after the Gunners reportedly agreed with Higuain on weekly figures on June 20, per Wayne Veysey of Goal.com.
That's when things started getting complicated.
Higuain talk continued to dominate world football rumours in a move that would shatter Arsenal's transfer record, but another Veysey report on July 3 indicated the deal could fall apart as the two sides couldn't come to terms.
However, Yahoo! Sports would report the next day that a deal "appears set to be concluded," which was just eight days before Drayton's article stated Higuain's desire to work things out with Madrid.
Certainly, Real Madrid have plenty of reasons for keeping Higuain in Spain past this offseason. His feeling of being undervalued under Jose Mourinho is now gone with the new era of Carlo Ancelotti, who could convince him enough first-team play is in his future to stay.
Arsenal have put their money where their mouth is this transfer cycle, chasing after some of the biggest stars in world football.
One of those has been Higuain, who would certainly make a splash at Arsenal and could fill the shoes of departed striker Robin van Persie. He has the size to excel in the Premier League and the finishing skill that is a must at the position.
But if Arsenal continue to chase after Higuain only to see Madrid shun any possibility of an offer, they could end up wasting their entire summer on a deal that may not ever be able to get done.
Via ESPN, Higuain told reporters near the end of Real Madrid's La Liga season that he was keen on leaving the Santiago Bernabeu, but unfortunately the deal isn't in Higuain's hands. Though Madrid may end up adhering to his wishes, they can hold on to him as long as they'd like if they feel his value to the club outweighs the transfer fee.
Until they make up their mind on that, Arsenal will be patiently waiting, and it could take away their ability to chase down other highly touted players.
Either of those two signings would alter the landscape of the Premier League drastically. It would also directly affect an EPL rival, should one of those two moves come to fruition.
But if the Gunners continue to twiddle their thumbs and wait for an increasingly doubtful Higuain deal, they will have no chance at pulling either one of these blockbuster deals.
Of course, there are plenty of other directions Arsenal could go other than those two stars, but with the questions still out there about Higuain, the Gunners won't know what types of players to pursue.
I'm not saying Arsenal should give up on Higuain. He'd be a stellar fit there and would emerge as one of the world's best strikers.
But waiting around for him has ruined Arsenal's heavy-hitting summer. Much more of it, and they'll miss out on some big opportunities.