Arsenal transfer news: Why Gunners missed out on Jeremy Monga as Manchester City 'close in' on deal

Arsenal reportedly lost out to Manchester City in the race to sign Leicester City teenager Jeremy Monga for one specific reason.

In recent months, it has been suggested that the Gunners have a strong interest in signing the 16-year-old.

Despite his age, Monga has already made 37 appearances for Leicester, including 27 in last season's Championship.

However, their relegation to League One subsequently forces their hand when it comes to complying with the EFL financial regulations.

Barring any last-minute hiccups, Man City have won the race to sign the England Under-19 international.

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Why did Arsenal miss out on Monga?

According to Sky Sports News, there is a specific reason why Arsenal failed to get a deal for the teenager over the line.

Arsenal are said to have withdrawn their interest due to Leicester's valuation of their most prized asset.

That is despite Monga having initially wanted to make the switch to the Emirates Stadium.

Meanwhile, Man City are seemingly willing to commit to a £12.5m package to sign the wonderkid.

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Logic behind Arsenal ending Monga interest?

Having been given 921 minutes of Championship football last season, there is clearly high expectations for Monga.

Arsenal are also on the brink of cashing in on Leandro Trossard, and there was an opportunity to sign Monga for a lower fee than they are recouping for the Belgium international.

Nevertheless, Arsenal already have 16-year-old Max Dowman as a wide option in Mikel Arteta's first-team squad.

With the Premier League champions unlikely to facilitate two players of such a young age in their senior ranks, it made less sense to sign Monga.

Mikel Arteta also has a decision to make over a fellow homegrown talent in Ethan Nwaneri, another youngster whose future is in the spotlight.