Bellerin’s agent has been in London for talks with Arsenal and is claimed to have convinced the Gunners to allow him to move out on loan.
The Spaniard wants to leave and with Arsenal believed to be open to a loan move now, it was expected to give Inter the encouragement to make a concrete move for him.
Inter have been eyeing Bellerin for a while and his name has featured prominently on their shortlist of targets.
But according to Italian broadcaster Sportitalia, the Spaniard is no longer the first choice for the Serie A giants this summer.
Inter are looking to bring in a replacement for Achraf Hakimi, who left the club to join Paris Saint-Germain this summer.
Inter have shown an interest in signing Bellerin on loan with an option to buy, but at the moment he is not a priority for the Serie A giants.
The Nerazzurri are also tracking Nahitan Nandez and PSV Eindhoven’s Denzel Dumfries this summer.
Bellerin also has offers to return to Spain with Atletico Madrid and Villarreal believed to be interested in him.