Inter Milan and AS Monaco remain interested in a deal to sign Folarin Balogun and are expected to return with improved offers for the Arsenal forward.
Balogun is a target for a number of teams across Europe after a superb season on loan at Reims, where the 22-year-old scored 21 goals in Ligue 1 last season.
The USA international is keen to retain a regular role next season and Arsenal are open to his exit should suitable offers arrive, but have so far rejected bids from both Inter and Monaco.
Arsenal are believed to value Balogun at around £50m, though it remains to be seen whether either side is prepared to meet the north London side’s asking price.
Fabrizio Romano is reporting that Monaco are prepared to return with an improved proposal, having made Balogun their top target to replace Breel Embolo, who has been sidelined with an ACL injury.
Inter also remain in the market for a centre-forward after withdrawing from talks to sign Romelu Lukaku on a permanent deal from Chelsea.
The Champions League finalists made an approach for Gianluca Scamacca, but have since missed out on the signing of the West Ham forward to Atalanta.