Arsenal have suffered a major blow in their pursuit of a new centre-back after Valencia rejected their first bid for Cristhian Mosquera.
According to Radio Marca Valencia, the North London club’s offer fell short of the €20 million (£17m) release clause in Mosquera’s contract.
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Valencia are said to be unwilling to negotiate a lower fee for the highly regarded 21-year-old despite the fact his contract is set to expire at the end of next season.
The two clubs may find themselves at an impasse but several reports in Spain and England have suggested personal terms between Arsenal and Mosquera have already been agreed.
Arsenal will doubtless be hoping to reach an agreement soon with both Chelsea and Man City having previously been linked with the centre-back.