Arsenal have informed Spanish side Real Sociedad that they will not meet their valuation for Mikel Merino.
The La Liga giants are hoping to sell the 28-year-old for a fee of £29.8 million this summer.
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With Atletico Madrid expressing a willingness to pay that fee, Arsenal may have to act quickly.
Per El Diario Vasco, Merino has been informed by the Gunners that his move is contingent on La Real lowering their demands.
Given he has only one year left on his contract, Merino would be able to leave on a free transfer in a year’s time.
Arsenal believe the asking price is too high and want it reduced by at least £5 to £10 million.