Arsenal boss Arsene Wenger is seeking a £5 million deal for Valencia defender Raul Albiol.
Valencia, who only narrowly avoided the drop last season, are having to hold a fire sale with Spain stars David Villa, David Silva and Albiol all up for grabs.
Wenger tracked Albiol for months and likes his versatility because he can play at centre-half and as a holding midfielder.
But the Frenchman has made it clear he will not meet Valencia's £10m asking price.