Borussia Dortmund chief Michael Zorc has warned Arsenal that Pierre-Emerick Aubameyang will only leave the Westfalenstadion if the club's demands are met.
The north London side have targeted Aubameyang as a potential signing following the recent departure of Alexis Sanchez and have reportedly already agreed to terms with the forward.
However, they have failed to meet Dortmund's asking price. They began negotiations with a bid in the region of £44m ($62.3m) but it was swiftly rejected by the Bundesliga side.
A second offer of £50.9m ($72.1m) was also rejected by Dortmund as it was previously reported that Arsenal would need to offer at least £56m ($79.4m) to have a chance of securing the Gabon international's signature.
According to the Mirror though, Dortmund's valuation of Aubameyang is £60m ($85m) and while manager Arsene Wenger is confident of completing a deal before deadline day on Wednesday (31 January), Zorc stated that if the club's valuation is not met, the 28-year-old will remain in Germany until the summer.
"Either our demands are met, then there may be still a transfer," Zorc told Sky Sports, as per the Mirror. "But, they are not fulfilled or Auba plays until the summer in Dortmund.
"So it is discussed by the way also with the family Aubameyang and accepted. Arsenal has started several attempts so far. We have all refused."
Meanwhile, Aubameyang featured for Die Borussen for the first time since missing a crucial team meeting earlier this month in their 2-2 draw with Freiburg on Saturday (28 January).
However, it was a lacklustre performance from the Gunners target, who only managed one shot and completed 14 passes during the 90 minutes as Dortmund manager Peter Stoger commented on his outing.
"I would say he has had better games," Stoger said in the post-match conference via FourFourTwo. "On the one hand, it certainly wasn't his best game but, on the other, we didn't manage to give him decent service.
"In the end, he is part of a larger group of players who didn't have their best performance."
Should Aubameyang arrive at Arsenal, he will be the club's third acquisition of the month following the arrivals of Henrikh Mkhitaryan from Manchester United and Konstantinos Mavropanos from PAS Giannina.