Arsenal have turned down a £27 million bid from Barcelona for captain Cesc Fabregas, according to reports in the British press.
Fabregas once again publicly revealed his admiration for the Catalan club with whom he began his career as a teenager, and this latest development will intensify speculation about the future of the Spaniard.
Barca president Sando Rosell has made it clear the club will not spend more than £35 million on Fabregas.
Rosell said recently: "If last year we offered 40 million Euros [£35.5 million], it is clear that this year his value is less. Since then there has been wear and tear and he is worth less.
"Guardiola knows the values of players and Cesc's is less than 40 million Euros. Barcelona will offer less and, if they don't accept, then he won't come."
It is understood the most recent offer was made verbally by Barca's vice president Josep Maria Bartomeu during a visit to London this week, but was rejected immediately by Gunners chief executive Ivan Gazidis.
Barcelona are expected to make one final attempt to sign Fabregas, however with Arsenal refusing to budge on their£50 million valuation of the player, a deal looks unlikely.
Fabregas has another four years remaining on his contract at the Emirates, and there have also been suggestions in Spain that Barca have their own long-term injury concerns over influential midfielder Xavi, who has been affected by an achilles problem.
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