I think if **** had been in for them then they would be their players - champions League and all. The way I remember it, Arsne thought about pairing Verts with Vermalen but didn't think it would work. He simply passed on Lloris like he did on Modric. I have little doubt the players didn't make the choice.
Don't think Lloris was ever seriously considered by Arsenal. I think Wenger probably considered him too expensive for a keeper. Vertonghen claims that Arsenal were interested in him, but as a midfielder. He therefore spurned their interest as he had no interest in playing in midfield.