Arsenal reportedly offered €20m (£17m) for Argentine attacker Joaquin Correa earlier this summer but were told by Lazio that the bid was 'inadequate'.
According to Corriere dello Sport, the Gunners recently approached Lazio with an offer of €20m (£17m) but were informed that it would not be enough to secure his signature.
Correa has scored 30 goals and registered 18 assists in 117 outings for his current side in all competitions, including 11 goals and six assists in 38 appearances during the 2020-21 campaign.
The versatile attacker, who was in action for his country at this summer's Copa America, still has three years left to run on his contract in Rome, placing his team in a strong position to negotiate.
A recent report claimed that I Biancocelesti value Correa in the region of €30m (£25.7m).