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The midfielder has announced his intention to buy out his contract for £17.2 million, but the Gunners have been put off by his third-party owners and he will now join Monaco

Arsenal have pulled out of the race to sign Geoffrey Kondogbia, who is set to sign for Monaco after terminating his Sevilla contract.

As exclusively revealed by Goal, the Gunners had made an official enquiry for the France international but have since been put off over concerns regarding third-party ownership.

Kondogbia is owned by Doyen Sports, which also manages team-mate-to-be Radamel Falcao, and the midfielder has told Sevilla that the free-spending Ligue 1 side will meet his €20 million (£17.2m) release clause.

"Geoffrey Kondogbia is already history at Sevilla," read a statement on the Spanish side's website on Tuesday. "The France international has officially informed the club that he will unilaterally rescind his contract."

The Spanish outfit pre-empted the 20-year-old's departure by announcing the signing of QPR midfielder Stephane Mbia on a season-long loan on Monday.

Kondogbia, 20, joined Sevilla from Lens last summer and made 31 appearances for the Liga side.

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