Arsenal have reportedly been told that it will cost £60m to sign Leicester City midfielder James Maddison.
The Gunners have failed to qualify for next season's Champions League, and it has allegedly resulted in Unai Emery being provided with a limited transfer budget.
According to the Daily Mail, Arsenal have still asked about the availability of Maddison, who enjoyed an impressive first campaign at the King Power Stadium.
However, the report claims that the Foxes have informed the North Londoners that they are not prepared to entertain any offers below £60m.
That stance effectively rules out Arsenal, with Emery needing to sell players in order to add to a warchest in the region of £45m.
Emery has acknowledged that Arsenal may need to make some high-profile signings and sales in order to improve on this season's fifth-place finish in the Premier League.
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