Arsenal's interest in Leicester City's Riyad Mahrez is well documented.
Last season's PFA Players' Player of the Year has been on the Gunners' radar for quite some time now following a season where he scored 17 goals, assisted a further 11 and won the Premier League.
Mahrez is reportedly available for a fee in the region of £45 million and, on Wednesday morning, reports from France suggested an initial bid had been made.
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Said rumours originated from L'Equipe consultant Gilles Favard, who claimed Leicester had rejected a £30 million bid from Arsenal and were due to receive an improved offer of £35 million.
However, Sky Sports have since rubbished the reports and insisted, per their own reliable sources, that Arsenal have not lodged a bid.
They also state Leicester are "determined" to keep Mahrez, despite the lucrative fee they would likely receive for his services.
So, just when Arsenal fans thought their club were finally making headway in the transfer market, it would seem they're still far away from making much-needed attacking reinforcements.
Interest remains, of course, but with the new Premier League season kicking off this weekend, time is running out for the Gunners to catch up with their title rivals.
In contrast to the £34 million Arsenal have parted with this summer, Manchester United (£156m), Manchester City (£146m), Liverpool (£79m) and Chelsea (£71m) have all spent much, much more.
And it's exactly this kind of approach that Arsene Wenger needs to adopt having not won the Premier League since 2004.
Football is a business, after all, and in order to keep up with the times, money must be spent.
Wenger has previously vowed to splash the cash this summer but, typical of the Frenchman's stubbornness in the transfer market, he hasn't done so.
He said: "We remain very active in the transfer market. If we find the right players we will spend big money."