Napoli have rejected a £43.4million bid from Arsenal for striker Gonzalo Higuain, according to Italian newspaper Corriere dello Sport.
Arsene Wenger is said to be an admirer of the Argentina international and has been monitoring his progress for a while.
The Gunners have previously tried to sign the 27-year-old from Real Madrid in 2013, but the player eventually decided to join Napoli.
It remains to be seen whether Arsenal will come back with an improved bid or shift his attention elsewhere as the hunt for a quality goalscorer continues.