Arsenal have rejected two identical loan offers from Deportivo and Levante for Lucas Perez as the Spaniard awaits to see where his future lies, Goal understands.
The 28-year-old forward has wanted to leave the club for several months in pursuit of regular time after finding his opportunites limited at Emirates Stadium last season.
Perez wants to be selected for Spain at the 2018 World Cup and believes his best chance of doing so would be to join his former club Deportivo.
Depor have made a respectable loan offer of €3 million and are prepared to pay the player's full salary. Fellow La Liga side Levante have matched that offer.
However, both offers have been rejected by Arsenal who believe the fee should be significantly larger than the proposals currently on the table.
Goal revealed in February that Perez had set his sights on leaving Arsenal after being left frustrated with a lack of first-team opportunities and his agent revealed the price it would take for the Gunners to accept a permanent transfer.
“€15m (£13.4m) is an expensive price,” Rodrigo Fernandez Lovelle told Goal earlier this month.
“Lucas wants to go to the World Cup and be happy at a place where he has opportunities to play.”
Having scored seven goals in 21 appearances in all competitions for Wenger's side last season, Perez is likely to find his game time even more restricted this season following the club record signing of Alexandre Lacazette for £52m.