Deportivo La Coruna have reportedly turned down Arsenal's bid for striker Lucas Perez.
The Gunners were rumoured to be closing in on a £17m deal for the 27-year-old, matching the release clause in his contract.
However, Cadena Ser reports that Deportivo have been able to reject the bid as Arsenal offered to pay the money in two instalments rather than one upfront fee.
Despite being knocked back with their initial approach, Arsenal are still confident that they will complete a deal for Perez, who scored 17 goals in La Liga last season.
The Spaniard has been on the radar of Everton this summer, but Arsenal appear to have hijacked the deal with less than a week to go until the end of the transfer window.
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