Arsenal have rejected a bid from Aston Villa for forward Emile Smith Rowe.
The Gunners are not entertaining offers for the player and remain hopeful he will sign a new contract. Smith Rowe's current deal runs until the summer of 2023.
The academy product impressed during the 2020/21 campaign, scoring seven times and making seven assists in 37 appearances in all competitions.
Smith Rowe has enjoyed loan spells at Huddersfield and RB Leipzig but has shone since breaking through into the Arsenal first team under Mikel Arteta last year.
- Brighton reject £40m Arsenal bid for Ben White
- Transfer Centre - LIVE!
- Former Arsenal striker Nicklas Bendtner retires
The 20-year-old helped the Gunners to an eighth-placed finish in the Premier League this season.
Meanwhile, Arsenal are keen on signing Mat Ryan on a permanent deal after he spent the second half of this season on loan at the Emirates Stadium.
The goalkeeper's contract at Brighton expires next summer and he is expected to leave the Seagulls during the current transfer window.
Brighton have rejected a £40m bid from Arsenal for defender Ben White but negotiations are ongoing between the two clubs and the Gunners are expected to come back in with an improved offer for the 23-year-old.
Arsenal are also interested in signing Wolves midfielder Ruben Neves, while Roma are in advanced talks with the Gunners over a deal to bring Granit Xhaka to the Stadio Olimpico.
Follow the summer transfer window with Sky Sports
You can follow all the latest transfer news and rumours in our dedicated Transfer Centre blog on Sky Sports' digital platforms, as well as keeping track of all the developments on Sky Sports News