Beaten Europa League finalists Arsenal were turned down in their quest to sign Yannick-Ferreira Carrasco from Chinese Super League outfit Dalian Yifang this summer.
According to experienced journalist James Olley from the London Evening Standard, the Gunners initially proposed a loan deal for Carrasco but it was rejected.
Dalian Yifang will only agree to sell Yannick-Ferreira Carrasco if they can get at least €30m for him including bonuses.
Arsenal manager Unai Emery is keen to sign at least a winger this summer to bolster a squad in need of some consistent wing play.
The Gunners had earlier tried to sign Yannick-Ferreira Carrasco on loan but his Chinese club wanted a permanent deal making Arsenal resort to the idea of waiting till summer to get their man.
After their loan bid for Carrasco was rejected this summer, Arsenal officials decided to spend cash on the 25-year-old with latest reports claiming that the Gunners are closing in on a permanent transfer for him.
Yannick-Ferreira Carrasco was at Spanish La Liga giants Atletico Madrid until February 2018 when he left the new Wanda Metropolitano for China.
In his recent interview, Carrasco revealed that he has an offer on the table from a European club believed to be Arsenal.