The 17-year-old striker spent time on trial with the Gunners last week but the club's first offer for the Frenchman, although described as "not derogatory", has been turned downArsenal have had a bid for Caen striker M'Baye Niang rejected following the French starlet's trial with the club last week.
The Gunners have moved to sign the highly-rated forward who has been linked to several other Premier League clubs.
The 17-year-old made his professional debut for Caen back in April 2011 but couldn't save the club from relegation to Ligue 2 last season.
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"It [the bid] is not derogatory, but it's not what we want," club president Jean-Francois Fortin told West France.
Niang had been urged by his coach, Patrice Garande, to continue his development in France before seeking a move away to a bigger club.
He scored two goals in 23 league appearances for the Normandy club last season and has appeared for the France Under-21 team.