Arsenal have blocked their attacker Folarin Balogun from leaving Mikel Arteta’s side this summer after rejecting Monaco’s bid for the player’s signature.
Balogun had reached an initial agreement with Monaco to join the Ligue 1 side.
But according to RMC Sport, Monaco’s opening bid of €40 million (£34million) has been rejected by Arsenal but the French club intend to return with an improved offer.
Balogun impressed during his loan spell at Ligue 1 side Reims last season.
The 22-year-old scored 21 goals in Ligue 1 for Reims.
Balogun had hoped to secure a regular role at Arsenal for the upcoming campaign but his future appears to be away from the Premier League North London club after he was left out of the squad for their victory over Manchester City in the Community Shield last Sunday.