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Arsenal have rejected a formal offer from Monaco to sign Folarin Balogun this summer, according to David Ornstein.
The 22-year-old had a tremendous season on loan with Reims last term where he scored 22 goals and provided three assists.
Despite this, the Gunners have made the decision to cash in on him, but they are reluctant to accept less than £45 million.
It is now reported that Monaco have made a formal bid following a verbal proposal for the striker after the Emirates Cup.
The Gunners have rejected the offer immediately, but there is optimism that a deal could be agreed between the clubs soon.
Monaco sporting director Thiago Scuro has a good relationship with Edu Gaspar and the French outfit are likely to try again.
Inter Milan have also been credited with an interest in the marksman, but the Serie A outfit are unlikely to afford his services.
They are reluctant to pay more than £30m which is unacceptable to Arsenal.