Everton have reportedly seen a bid of £30 million for forward Alex Iwobi turned down by Arsenal.
The Nigerian international has been with the Gunners since he re-joined the club for a second time at the age of 16 and last season appeared in all but three of Arsenal’s league games.
Everton had been chasing the Crystal Palace winger and had a £52m offer turned down last month.
The Premier League side are ready to find a cheaper alternative in Iwobi.
Everton are not shy in opening the cheque book this summer having already landed Moise
Kean, Andre Gomes, Jean-Philippe Gbamin and Fabian Delph in deals worth around £90m.
Arsenal are believed to be open to selling Iwobi before Thursday’s deadline if they receive around £40m.
The Gunners added competition to their attack with the big-money arrival of Nicolas Pepe this summer.
Iwobi made 22 league starts last season and 13 sub appearances, scoring three goals.
The Gunners are being linked with moves for Daniele Rugani and Kieran Tierney but reportedly need to raise funds in order to bring the pair in after splashing out on club-record signing Nicolas Pepe.
Everton also reportedly saw a loan move for Chris Smalling turned down by Manchester United.