Deportivo La Coruna have rejected an offer of €20m from Arsenal for striker Lucas Perez, even though it meets the player's release clause.
Petez is also wanted by Everton and West Brom, but Arsene Wenger's men have been working hard in recent days to get a deal over the line for the striker.
However, while Perez's release clause sits at €20m, according to Spanish radio station Cadena SER, Arsenal have only offered to pay the clause in two installments, something which has allowed Deportivo La Coruna to knock back the bid.
The Spanish side are clear that Perez will only leave if his full €20m clause is met in a single payment.
The door has now been swung open for Arsenal's Premier League competitors to push for Perez.
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Ronald Koeman has been linked with wanting Perez at Goodison Park, while West Brom are claimed to have sent representatives to Spain in a bid to make sure they win the race for the striker.
It has been claimed the Baggies' personal term offer is the best of all three clubs, coming in at around €3m per season.
If Arsenal want to get a deal for Perez done, they will have to dip deeper into their substantial cash reserves.
