Get up to date on Arsenal transfer news, injury updates, fixtures and share your opinions on Just Arsenal Fans.
The Arsenal right back has been in talks with Eagles boss Sam Allardyce throughout he transfer window and had been granted permission to leave north London.
But the 24-year-old has failed to agree personal terms and now seems set to stay in Arsene Wenger’s squad.
Jenkinson had been expected to link up again with Allardyce, who he played for while on loan at West Ham.
But Wenger revealed: “At the moment it doesn’t look like anything will happen.
“There is no news about him, but we are still open as we have many players in his position.
“He has a great attitude, but he must find happiness where he goes.”
Wenger hinted he is also anticipating an approach for French defender Mathieu Debuchy, who is now fully fit again.
The Arsenal boss added: “He is fit and in full training, but there have been no offers.”