Al-Hilal have shelved their move for the Barcelona star this summer, with Dutch winger Crysencio Summerville set to arrive from West Ham United.
Press reports had confirmed the Saudi side were closing in on Summerville for 80 million euros, a fee that would make him the second most expensive player in Saudi Pro League history.
According to Catalan newspaper "Sport", Summerville's signing kills off any prospect of a move for Brazilian winger Raphinha from Barcelona this summer.
Raphinha had topped Al-Hilal's list of targets going into the window. The club had set aside a huge sum to land him, covering both the transfer fee owed to Barcelona and the salary he would command.
The Brazilian wanted no part of it. His determination to stay at Barcelona under German coach Hansi Flick pushed the Saudi club towards a new winger, and the choice fell on Summerville.
Raphinha will stay put for next season, at the very least, letting the Catalan club close one of the trickiest files of recent times.
His last two campaigns at Barcelona were exceptional. He emerged as one of the leading candidates for the 2025 Ballon d'Or, before France's Ousmane Dembele, the Paris Saint-Germain winger, claimed the prize.