Emirates club desperate to land playmaker.
Arsenal are prepared to give Borussia Dortmund Marouane Chamkh plus £20million for midfielder Mario Gotze.
The Gunners had a £30million bid rejected for the 19-year-old on deadline day as the Bundesliga felt there was little time to find a replacement.
The north Londoners will now go back in January with a new offer plus a player who can help fill the void left by the German international’s departure.
Arsenal manager Arsene Wenger has lost patience with Chamakh who has failed to settle at the Emirates since his free move from Bordeaux last year.
The 27-year-old was rumoured to be on his way out of during the last transfer window but Wenger failed to secure a move for Real Madrid striker Karim Benzema.
The Frenchman could make another move for the hit-man in January or make another multi-million offer for his team-mate Gonzalo Higuain.
Either move will depend on the progress the La Liga giants make in their pursuit of Brazilian starlet Neymar.
The 19-year-old is expected to move to the Bernabeu once his club, Santos’ season is completed.