Arsenal have had a €25 million bid for Chelsea target William Carvalho rejected according to reports.
The Portuguese midfielder has garnered serious interest from the Premier League in recent months, with various reports suggesting he could be on his way to England this summer.
His reputation grew thanks to his appearance at the World Cup with Portugal, and now the likes of Manchester United, Chelsea, and Arsenal have all been linked with him.
Manchester United's interest appears to have waned following the departure of former boss David Moyes, although now that their deal for Arturo Vidal looks dead in the water they may rekindle their interest in the 22-year-old.
However for now it seems to be a straight shootout between Arsenal and Chelsea for his services, and days after it was claimed that Blues boss Jose Mourinho had launched a raid for him Arsenal are said to have lodged a €25 million offer for him.
However according to Goal, the Gunners have seen their bid rejected by Sporting Lisbon, who want a fee much closer to his £35 million release clause. An offer in the region of €35 million may well do the trick.
The reason Sporting are holding out for such a sizeable fee is because they will have to fork a large portion of the fee over to a third-party investment group - the same problem which held up Manchester United's move for Marcos Rojo this week.
Arsenal look keen on bolstering their options in midfield, a need which looks to have become more pressing following Mikel Arteta's injury in the 0-0 draw against Besiktas last evening.
Real Madrid's Sami Khedira was initially mooted as an option but was deemed to expensive, which then turned them onto Carvalho. Morgan Schniedierlin and Lars Bender have also been linked with a move to north London.
Chelsea meanwhile could provide competition for the Gunners in the race for Carvalho's signature. It was reported this week that Chelsea were about to make a €44 million offer for him, and although they have an embarrassment of riches in midfield Marco van Ginkel could go out on loan and John Obi-Mikel could be sold - which could make room for the Portuguese ace.
If Manchester United do decide to opt for Carvalho following their failure to land Vidal then it is likely to save them a fair chunk of change - the Sporting ace is on around €10,000-per-week, while they would have had to have offered Vidal £200,000-per-week to lure him to Old Trafford.