Real Madrid president Florentino Perez has warned Arsenal and Serie A champions Juventus he will not undervalue Gonzalo Higuain's services. The Argentine striker is expected to leave the Spanish capital this summer, with the Gunners and the Bianconieri each hoping to land the 25-year-old.

Gonzalo Higuain

The Metro believes the former River Plate youngster is valued at £25.5m by the nine-time European champions but both Arsenal and Juventus will offer only £20m. Perez, however, has ruled out both valuations.

The construction magnate, who was re-elected to the presidency recently, hinted that he saw no reason to accept cut-price bids for his players when other clubs inflated the value of their players.

"With £25.5m it's better that they don't come. Let's see if people ask us for £50m for everyone and we sell one of ours for half that,' the 66-year-old explained.

However, according to Juventus' director-general, Beppe Marotta, Madrid are waiting to appoint a new manager, who will then decide on Higuain's future. The 2011/12 La Liga champions fired former Chelsea manager José Mourinho after an abysmal title defence this year and are expected to announce Paris St Germain and former AC Milan boss Carlo Ancelotti as the Special One's replacement.

Meanwhile, in addition to possibly losing out on Higuain, the Gunners may also miss signing Stevan Jovetic. The Fiorentina star has been quoted as preferring a move to Juventus. Arsene Wenger has reportedly sanctioned up to £20m for the Montenegrin international, which is £5m less than the Viola's price tag.

As time drags by, there is the growing possibility Arsenal will once again resort to signing young and inexperienced players on the cheap, this time despite the availability of nearly £70m in transfer funds. However, chief executive Ivan Gazidis has sought to reassure the club's fans.

"It is a big summer. We have been working very, very hard to gain the kind of financial capability we need as a football club to be at the very top end of the game. The ambition that (majority shareholder) Stan Kroenke, Arsene Wenger, the players, our staff and I know all of the fans have is to be competing to win the Premier League and Champions League. If we are at that level, the trophies will come," he told fans at the Emirates.