French side Valenciennes had been trying to conclude a move for the promising youngster, who impressed during a temporary switch to Feyenoord last season.
But Arsenal boss Arsene Wenger has now confirmed that Miyaichi will not be leaving England this January - or indeed at any stage before he is 21 - on loan.
The Premier League's 'Homegrown Rule' states that each team must register a minimum of eight players who have spent three years at British academies before they turn 21.
Miyaichi is currently 19 and only returned to the club from Holland last season - meaning a move abroad would prevent his homegrown classification for the future.
Bolton have expressed an interest in taking the rapid winger on loan and will stand a better chance of securing his services with no competition from the continent.