The Gunners enjoyed a successful transfer window as they completed the signings of Henrikh Mkhitaryan and Pierre-Emerick Aubameyang.
Arsenal also managed to tie Mesut Ozil down to a longer-term contract.
Arsene Wenger was hoping to add one more defender to his side and after tracking Evans all month they decided to pull-out of the negotiations on deadline day.
And Balague believes the withdrawal was because of the 30-year-old’s age, combined with his recent injury, so the Gunners decided to pursue other avenues.
“Jonny Evans was the defender #AFC were trying but finally it will not happen for two reasons,” Balague wrote on Twitter.
“[The] price for a 30 year old and he will be out for around a month with a muscle injury.
“I have the impression #AFC are thinking of one last try for another defender but it’s perhaps too late.”
Arsenal instead pushed for a deal for Roma defender Kostas Manolas but they were unable to secure the switch.
But Wenger will be confident with his signings that they will be able to push for the Champions League places, despite losing 3-1 to Swansea on Tuesday.