Arsenal has seen a bid in the region of £25m, for Scotland left-back Kieran Tierney turned down.
The North London based club, who had previously had an offer of £15m squashed, had been optimistic a deal could be reached for the 22-year-old on the second attempt.
On Friday, Arsenal increased their installments-based offer for the defender, who is believed to be keen on moving south.
The Gunners have been in pursuit of the Scottish in this summer transfer window and Celtic are uneager to sell the left-back.
The Daily Star has reported that a deal for the player is close.
Spanish manager, Unai Emery has been left frustrated with the slow pace of the transfer window.
Gabriel Martinelli is the only signing the North London based club has done this summer and will be looking for more.
Unai Emery has been on the lookout players to help make the team better and stronger.
Arsenal is also tailing Everton Soares from Gremio, Wilfred Zaha who plays for Crystal Palace and William Saliba of St. Etienne.