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Arsenal have rejected an opening offer of £35 million from Inter Milan for Folarin Balogun, according to Sport Mediaset.
The Gunners have made the decision to part ways with Balogun this summer, but they are yet to receive any suitable bids on the table.
The Nerazzurri recently proposed to pay £35 million as a package for the marksman, but it was swiftly turned down.
The north London giants value their graduate at £50 million, and are reluctant to accept anything less in the current window.
Balogun was recently spotted training away from the main group which led to speculation that he was sidelined by Arsenal.
However, manager Mikel Arteta clarified that his absence was due to a foot injury, and the setback is only a minor one.
The next couple of weeks could be key to deciding the striker’s future.
He will most likely move to the Serie A with interest from the likes of AC Milan, Juventus aside from the Nerazzurri.