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.
