Borussia Dortmund will not accept a bid of below €70m for Arsenal target Pierre-Emerick Aubameyang, Bild have reported.
This development comes after the club's CEO Hans-Joachim Watzke confirmed that the Gunners had attempted to initiate negotiations over a potential transfer.
"There was a contact with Arsenal CEO Ivan Gazidis where he informed me that he would like to speak with us," Watzke said.
But he added: "That has not happened yet. There are no current discussions."
Dortmund are reportedly adamant that Aubameyang will not leave the club for any less than the desired sum of €70m.
Meanwhile, another German outlet, football magazine Kicker, reported that Arsenal had made a bid of around €50m mark, which they also say has been turned down by Dortmund.
Aubameyang was not included in Peter Stoger's squad for Friday's 1-1 Bundesliga draw with Hertha Berlin, having been dropped due to his conduct following news of Arsenal's interest.
The Gabonese forward skipped a team meeting and has reportedly made clear his intention to leave the club.
#Aubameyang has now total agreement with Arsenal for his contract until 2021. Salary: €10M/season.— Fabrizio Romano (@FabrizioRomano) January 21, 2018
Arsenal have started official talks with Borussia Dortmund to reach an agreement... but BVB are going to ask €60M to sell Auba. Let's see 🔴 #transfers #AFC #BVB #Arsenal
But Stoger has insisted that there has been no "concrete" talks over a transfer this month for Dortmund's top scorer.
"There is nothing on the table, only hot air," said the Austrian coach - quoted by BBC Sport. "We're planning with Pierre-Emerick Aubameyang and there's a way back into the team for him.
"All week long he was good at training, which is why I said at my press conference that he would be in the team.
"But at the last practice I just felt like he wasn't fully focused. It was a very important match and we have so many quality players that I chose another one.
"But I select the group every week. He has time to show he wants it. If he gives everything next week, he'll be in the squad."