Watford have ditched their plans to sign 27-year-old defender Kieran Gibbs from Arsenal after being put off by his considerable valuation.
The full-back had recently re-emerged as a target for Hornets manager Marco Silva but the club are refusing to match Arsenal's £16m valuation placed on the player.
This news comes after West Bromwich Albion boss Tony Pulis made it public that they would not be taking their initial interest any further. The Daily Mail suggests that Watford will now go the same way.
Gibbs has just 12 months left on his contract at the Emirates Stadium and is unlikely to feature regularly this season. Arsenal manager Arsene Wenger switched to a back 3 at the backend of last season and game time will be limited for the 10-cap England International.
Despite being deemed surplus to requirements, Arsenal are still demanding a high price for Gibbs.
Gibbs is just one of a number of fringe players that the club are trying to offload in order to raise transfer funds and decrease their wage bill.
Player wage demands and price valuations by Arsenal have so far scuppered these plans. This summer the only player to leave the club is Wojciech Szczesny who made the £10m switch the Italian champions Juventus.
Other players who have been told they can leave the club include Jack Wilshere, David Ospina, Carl Jenkinson, Lucas Perez, Calum Chambers, and Mathieu Debuchy.
Watford continue to look for a left-back before the start of the season and are interested in signing Feyenoord defender Miquel Nelom.