"I'm sorry that we won't be able to take him to Italy, he liked Inter a lot but obviously Mourinho has made some different choices and has gone for some other names," said Hleb's representative Vincenzo Morabito.
Earlier in the season, it was reported that the former Stuttgart midfielder held secret talks with Inter when in the city ahead of Arsenal's Champions League game against rivals AC Milan at the San Siro.
Gunners boss Arsene Wenger threatened to report Inter to football's governing body Fifa if they continued their 'illegal' pursuit of Hleb after former boss Roberto Mancini declared his interest in the player.
Hleb joined Arsenal in 2005, signing a four-year contract, after the club paid Stuttgart £11.2m for his services.
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.