Real Madrid president Florentino Perez has reportedly labelled Arsenal's initial approach for Karim Benzema as "embarrassing".
The Frenchman is thought to have been told by Perez that he can seek a move away from the Bernabeu, despite him committing to a new four-year deal just two months ago.
Arsenal are in the hunt for more firepower up front as they look to replace Alexis Sanchez and Mesut Ozil - and manager Arsene Wenger has earmarked Benzema as a potential January target.
According to Diario Gol, the Gunners have firmed up their interest with an offer of £40m to Madrid, but Perez was quick to dismiss the approach as it was way below his valuation of the striker.
Despite Benzema's drop-off in form lately, Perez still believes him to be one of the best forwards in world football and is determined to drive a hard bargain in his sale.
During his time in the Spanish capital, Benzema has collected two La Liga trophies, three Champions Leagues and two Copas del Rey.
