Arsenal are understood to have made a formal approach to sign Leicester City’s James Maddison, only to be put off by the Foxes’ asking price for the midfielder.
The 22-year-old joined the Foxes from Norwich City for £20m last summer and had an impressive debut Premier League season where he contributed seven goals and seven assists.
According to The Mail, the Gunners are said to have joined Tottenham Hotspur in the race to sign Maddison as they seek to improve their attacking options ahead of next season.
However, they have received a major stumbling block in terms of the asking price with the Foxes said to demand at least £60m to part ways with the England Under-21 international.
Arsenal are deemed to be working on a restricted £40m budget for the summer after failing to qualify for next season’s Champions League. As such, they could be dependent on player sales to enhance their transfer kitty.