Borussia Dortmund have rejected a bid in excess of £50m from Arsenal for striker Pierre-Emerick Aubameyang, according to a report.
The Gabon striker has been targeted by the Gunners this month, with Arsene Wenger confirming that the two clubs are in discussions over a potential move for the player.
Arsenal's club officials have been in Germany as they attempt to negotiate a deal for the 28-year-old as a replacement for Alexis Sanchez, who is now at Manchester United.
According to Sky Sports News, an offer was made by the Premier League club on Wednesday and was turned down immediately by the Bundesliga giants.
The report does not confirm whether the bid was cash-only or included Olivier Giroud, who is believed to be coveted by Dortmund as a replacement for their star striker.
Aubameyang has twice been dropped by Dortmund for disciplinary reasons this season and was not selected for the draw at Hertha Berlin on Friday.
