Arsenal will need to submit an offer of around £70m to stand a chance of signing James Maddison this summer, according to reports.
The Leicester attacking midfielder has been linked with a move to the Emirates Stadium in recent weeks.
Arsenal have so far been unable to bring Martin Odegaard back to the club, either on loan or as a permanent signing.
That has left Mikel Arteta on the lookout for another creative player ahead of the 2021/22 campaign.
Emile Smith Rowe has committed his future to the club by signing a new five-year deal, but Arsenal continue to monitor Maddison.
However, Leicester have no intention of selling the England international, who is under contract at the King Power Stadium until 2024.
According to Sky Sports, it would take a bid of £70m to make the Foxes consider selling Maddison.
Leicester view the former Coventry man as an essential part of their squad and are under no financial pressure to sell.
The report also states that Arsenal have not yet given up hope of welcoming Odegaard back to north London.
The Gunners are said to be keeping an eye on the situation, with the Norway international potentially eyeing an exit from Real Madrid.
It is not clear how much the Spanish giants would demand for Odegaard, and Arsenal might need to sell before they can buy either him or Maddison.
It is not hard to see why Arteta admirers the Leicester star, despite his stop-start season last time out.
And there is certainly a need for Arsenal to bolster that part of their squad following the end of Odegaard's loan period.
But even if they were able to agree a fee with Leicester, it is not certain that Maddison would agree to join Arsenal.
Leicester have finished above the Gunners in each of Brendan Rodgers' two full seasons at the helm.
They will be in the Europa League next season, while Arsenal will be absent from continental competition.
Perhaps the King Power is a better place to be than the Emirates right now.
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