Arsenal have made a bid of around €20m to sign Lazio attacker Joaquin Correa this summer.
The Gunners are searching for an attacking midfielder, and they have been linked with several names.
Of late, Leicester City’s James Maddison has been associated, but he could cost a staggering €82m.
Hence, the Gunners appear to be looking at alternatives, and Correa has emerged as one.
They recently lodged a €20m bid but it was deemed insufficient by Lazio’s hierarchy.
Correa, who is also on the radar of Leicester City and Everton, is valued at around €30m.
So far, the Serie A outfit have not received any bids close to that valuation.
They may have to re-evaluate the 26-year-old as they aim to balance their books.
Correa played in the second striker role last term, registering 11 goals and six assists from 38 outings.
He has been garnering plenty of Premier League interest. Aston Villa have recently entered the race.
The Gunners could come up with a renewed approach for him in the coming days.
While Maddison remains the top target, a deal appears unlikely unless they can recoup funds.
The Foxes are adamant over the price tag, and have already rejected a part-exchange proposal.
Stats from Transfermarkt.com