Arsenal have rejected a £27 million bid from Barcelona for skipper Cesc Fabregas, according to reports in the Guardian, Daily Mail, and The Sun.
Fabregas once again publicly revealed his admiration for the Catalan club and their manager Pep Guardiola this week, and this latest development in the ongoing saga over the midfielder's future is sure to add weight to claims that he will finally depart Emirates Stadium for Camp Nou over the summer.
Barca president Sando Rosell has made it clear the club will not spend more than £35 million on Fabregas due to the 24-year-old's recurring hamstring injuries.
Rosell said recently: "If last year we offered 40 million Euros [£35.5 million], it is clear that this year his value is less. Since then there has been wear and tear and he is worth less.
"Guardiola knows the values of players and Cesc's is less than 40 million Euros. Barcelona will offer less and, if they don't accept, then he won't come."
It is understood the most recent offer was made verbally by Barca's vice president Josep Maria Bartomeu during his visit to London this week, but was rejected immediately by Gunners chief executive Ivan Gazidis. Barcelona are expected to make one final play to snare Fabregas, however with both clubs evidently differing on their value of the player, it appears the stand-off may be a permanent one.
Meanwhile, Arsenal are back in talks with Velez Sarsfield over midfielder Ricardo Alvarez. The recently crowned Clausura champions were unwilling to budge from the £11 million price tag placed on Alvarez during discussions last month, but it is reported in the Daily Mail that both clubs will be heading back to the negotiating table in order to complete the deal this summer.