Borussia Dortmund have reportedly rejected an opening bid of £40m from Arsenal for striker Pierre-Emerick Aubameyang.
German source Kicker reported earlier on Saturday afternoon that the Gunners had tabled their offer, and The Daily Mail now say that the German club have rejected the offer.
The newspaper says that Dortmund want at least £53m for Gabon international Aubameyang, and have begun talks with Arsenal about a potential move for Olivier Giroud the other way.
In a statement, Dortmund CEO Hans-Joachim Watzke said: "I can confirm that there has been a first request from Arsenal for Pierre-Emerick Aubameyang.
"We are not commenting on the sums that have been called from England since noon."
Arsenal are hoping to sign Aubameyang with Chilean Alexis Sanchez nearing the end of his current deal at the Emirates.
