Norwich City are demanding huge money to sell Emi Buendia this month.
Sky Sports says Arsenal could be forced to fork out £50m if they want Buendia.
The 24-year-old Argentine has guided the Canaries to the top of the Championship this season.
He has scored seven goals and chipped in with six assists so far this campaign.
And Buendia's form has peaked interest from the Gunners - who are in the market for an attacking midfielder after Mesut Ozil's departure.
But Arsenal would be forced to pay a massive fee if they want him this month.