Barcelona risk missing out on Arsenal captain Cesc Fabregas altogether this summer.
The Telegraph says Arsenal have immediately rejected Barcelona's opening offer of £27 million.
The Gunners are willing to sell Cesc for £44 million.
Barcelona have significant debt and president Sandro Rosell is determined to implement the self-sustaining philosophy at the Nou Camp which Arsenal currently follow.
For this reason, there remains the possibility of another club, such as Manchester City, Inter Milan, Chelsea or Real Madrid, making a far higher bid for Fabregas.
