Arsenal have been rebuffed by the player and not the club...
Gunners boss Arsene Wenger saw the Argentinian central defender as a replacement for Kolo Toure, who left to join Manchester City last week, but he has been rebuffed.
Sevilla did not have to reply to the bid as Fazio himself made it clear that he did not fancy a move to London to join Arsenal, despite a higher salary being on offer.
"The situation's clear. Federico doesn't want to be sold or loaned," the player's agent, Eduardo Gamarnik, was quoted as saying by The Sun.
Fazio joined Sevilla from his first club in Argentina, Ferro Carril Oeste, in 2006 and played for the B team before being promoted to the highest level under Juande Ramos.
While impressing in Spain, the 22-year-old was also rising fast at international level and after appearing in the Olympic Games for Argentina he was given his full debut in 2008.
Lucas Brown, Goal.com