Schalke insist Arsenal did not meet their asking price for Julian Draxler. Schalke's Sporting Director Horst Heldt confirmed that although Arsenal had made a bid to sign Draxler, it fell short of Schalke's rumoured €44.5m valuation for the German international.

Speaking to SPORT1, Heldt said: "It was a lot of money, but it wasn't enough for us."

Heldt went on to dismiss speculation that Champions League and Bundesliga champions Bayern Munich had also made an offer for Draxler.

Asked if there was any truth in reports of a rumoured bid from the Bavarian giants, Heldt replied: "No, definitely not."