While Chalobah is enjoying consistent game time in the Championship with 24 appearances in the 2020-21 campaign, Choudhury and Longstaff are struggling to get a look-in at their Premier League clubs.
As a result, an audacious transfer triangle was understood to be on the cards, but the complicated scenario has supposedly now broken down ahead of the 11pm deadline.
According to The Athletic, a deal could not be agreed for Longstaff to go to Watford, so the three players will now remain at their respective clubs.
The chain would have involved Chalobah moving to Leicester and Choudhury heading north to Newcastle, but a deal now appears to be off despite previous optimism that a three-way agreement could have been reached.
Longstaff and Choudhury have only made eight Premier League appearances between them in the current campaign.