image: deadspin.com

The Ashley Cole to Chelsea deal could be off!

This statement emerged from Stamford Bridge today:

"Although discussions have continued, Arsenal's valuation of the player does not match Chelsea's and therefore no agreement can be reached in the current circumstances."

The key phrase is "in the current circumstances."

Looks like a mexican stand-off now with Chelsea saying this is as high as we go, take it or leave it. Smart move by Chelsea, sending a message that they're not keen on being held to ransom (maybe they learned a lesson from the Shaun Wright-Phillips transfer).

It's up to Arsenal now, do they want a slightly over-rated, unhappy, but still very good left back, or do they want some money. Whatever happens this is almost definitely the most painfully drawn-out transfer in living memory.

The Soccer-Weblog guess is that some sort of William Gallas plus cash swap will still seal the deal.