According to top journalist David Ornstein, Arsenal rejected a 'substantial bid' for Alexandre Lacazette from AS Roma at the end of the summer transfer window.
However, he added that "It fell below their valuation for him, and so he stayed put."
He also said that he does not believe that Roma will go back in for Lacazette in January, after the Italian giants settled for Real Madrid striker Borja Mayoral on loan, whilst also keeping club captain Edin Dzeko at the club.
Arsenal are reportedly keen on the Frenchman returning to top-form, instead of finding ways to sell him on, especially with the limited number of strikers at the club.
Right now, Lacazette's form is not helping his valuation at all, with the striker scoring just three goals in nine appearances in all competitions this season, and last season he managed just 12 goals and seven assists in 39 appearances in all competitions, his lowest combined total since joining the Gunners.
Apart from this, the 29-year-old has failed to convert some crucial chances in recent games, most notably his header against Aston Villa, which sailed over the bar.
However, Arsenal have found it difficult to score in the Premier League this season, with Lacazette's strike partner, Pierre-Emerick Aubameyang only scoring twice in the league, only scoring nine so far in eight games. According to top football statistics website transfermakt, his market value is at €42 million, and whilst this is relatively high, it is much lower than the €70 million peak that was reached at the end of 2019.