Arsenal have reportedly been informed by Villarreal that it will take €50m (£45m) to prise defender Pau Torres away from the club.
The Gunners are thought to be among a number of sides interested in signing the 23-year-old, along with Manchester United and Real Madrid.
Reports from Spain suggest that Madrid are the frontrunners to sign Torres, but Arsenal are also still in the running to nab the 23-year-old.
However, it is claimed that Villarreal have no intention of letting Spain international Torres depart unless his release clause is triggered.
That would mean Arsenal making the centre-back their joint-fourth most expensive signing, alongside Thomas Partey and behind only Nicolas Pepe and Alexandre Lacazette.
Madrid are said to have offered Villarreal a player plus cash for Torres, but the Yellow Submarine are not willing to accept any sort of exchange deal.
