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I have good news and either good news, bad news, or regular news, depending on what you think of Alvaro Pereira. And by 'I' I mean Dan Roan. He has the news, I'm just a conduit!
Reliably informed as it stands Alex will not be going to Arsenal, and talks between Chelsea and Porto for Alvaro Pereira have broken downless than a minute ago via Twitter for iPhone 
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Dan Roan
danroan
It's always struck me as a little bit weird that Alex has been linked with a move away from Chelsea, for reasons I've been blathering on about all window such as the fact that we don't have enough centre backs to deal with one of the senior players missing. Crazy me for thinking that, eh? Anyway, it looks like the 29-year-old isn't going anywhere, which means that we don't have to go to DEFCON 1 on the Paulo-Ferreira-as-central-defender scale. Good news!
The rest is dubious news, because some of you love Alvaro Pereira, some of you don't and most of the rest of us like him well enough but think some of the money that's being bandied about makes him waaaay overpriced. The fact that talks of broken down, then is kind of good in that there's more money to spend but kind of bad in that we don't get a pretty good player out of the deal.
Remember that saving money is only useful if you then use that money later on, so if Chelsea refuse to spend to excess on Pereira hopefully they have a fallback plan, whether that be in this window or the next. Although now that I come to think of it, with Pereira I never knew the plan in the first place. And still, nothing happens. Ah well, I'm sure Chelsea know what they're doing.