Dalian Yifang have told Arsenal they want £25m for Belgian winger Yannick Carrasco.
The Gunners are looking to sign a winger this summer and the 25-year-old has been cited as a key target at the Emirates ahead of the 2019/20 season.
In that instance, the Premier League side wanted to sign the Belgium international on a season-long loan with an option to buy. After failing to sign Carrasco, Arsenal expressed their interest in Bournemouth winger Ryan Fraser before they ended up signing Barcelona midfielder Denis Suarez on loan.
Suarez would go on to endure a torrid time at Arsenal, only playing 95 minutes in his spell at the club due to a series of injury problems.
Last week Carrasco (who is currently on international duty with Belgium) reportedly expressed his desire to return to Europe ahead of Euro 2020. He moved to Chinese Super League club Dalian Yifang from La Liga side Atlético Madrid in February 2018.
Arsenal are said to prefer a loan deal for him considering that they are expected to have a modest transfer budget of approximately £40m this summer. However, Dalian want a straight sale in order to reinvest the money elsewhere.
Talks between the two clubs are ongoing and the north London side have discussed staggering payments over a longer period or adding performance related add-ons in their offer in an attempt to reach an agreement.
Carrasco started his professional career at Monaco where he spent three seasons before signing for Atlético in 2015.
He has won 31 caps for Belgium and was part of their squads at Euro 2016 and the 2018 World Cup.