Valencia have not yet received an offer from Arsenal for centre-back Shkodran Mustafi, according to reports.
The Gunners are in the market for a central defender this summer after Per Mertesacker was ruled out for "a few months" with a knee injury sustained during pre-season.
Reports yesterday claimed that they had made an enquiry as to the availability of Mustafi, who was part of Germany's World Cup-winning squad alongside Mertesacker in 2014.
According to The Mirror, Mustafi's release clause is €50m (£42.2m), but Valencia are willing to accept a bid of half that having missed out on Champions League qualification last season.
However, Arsenal are yet to return with a formal offer following their enquiry, despite the 24-year-old being available for a cut price.
Arsenal have made just two signings so far this summer, bringing in Granit Xhaka and Rob Holding.
Germany
Switzerland
Hungary
Scotland
Spain
Italy
Croatia
Albania
England
Denmark
Slovenia
Serbia
Austria
France
Netherlands
Poland
Romania
Belgium
Slovakia
Ukraine
Portugal
Turkey
Georgia
Czech Republic