Arsenalhave been handed a massive blow in their pursuit of Valencia defender Shkodran Mustafi, with the La Liga club demanding a fee in the range of £50m ($66m), which is well above the Gunners' valuation of the defender. The north London club have been watching the 23-year-old for a long time, but failed to agree a fee for the player and are looking to broker a deal for the German before the transfer window ends.

The Mirror reports that Valencia's director of football Jesus Garcia Pitarch is set to arrive in London in a bid to complete a deal for the defender as they need the cash. Arsenal seem to be looking at other players as well, but are finding it difficult to convince teams to part with star defenders. The Gunners are keeping a keen eye on former Manchester United defender Jonny Evans at West Bromwich Albion, but Tony Pulis is unwilling to let the player leave at any price.

Atletico Madrid's Jose Gimenez is another player who has been linked with a move to the Emirates but Arsenal have walked away from the deal due to their asking price. Meanwhile, Wenger confirmedthat Mustafi is on their list of targets and is hopeful that a deal can be completed soon, with less than 10 days left in the transfer window.

"Mustafi? We hope it will be done," Wenger told French TV station SFR Sport, as quoted by the Evening Standard. "We are struggling to find the players we need."

The Arsenal manager also reiterated that he is willing to spend money to get the players he needs, but cannot go beyond his means to complete a transfer. The Gunners have completed two first team signings thus far in the form of Granit Xhaka and Rob Holding, while Takuma Asano and Nwakali Kelechi will not get a work permit.

Shkodran Mustafi
Shkodran Mustafi is said to be training away from the rest of the Valencia first-team squad as a possible move to Arsenal looms Getty

"It doesn't cost a lot of money, that. Why do you say I'm reluctant, I don't understand that? If I buy you tomorrow for £45m that means I've bought you for £45m, have I done well? Yes, if I listen to you, I will have done well because I spent the money. That is not a quality, buying a top player, that is different – and we are ready to do that. I spend £300m if I find the player and if I have the £300m," Wenger told Arsenal's official website.