Real Madrid could demand around £37 million for Arsenal and Napoli target Gonzalo Higuain, according to the Times.
Arsenal were thought to be in pole position to land Higuain this summer, amid reports they have already agreed personal terms with the striker.
But it appears Real's valuation of the player could prove a sticking point, with the Times claiming the Liga club are seeking over £10 million more than the initial talk of a £23 million fee.
Napoli have recently emerged as rivals for the Uruguay international's signature, after their coffers were swelled with the reported €64 million received from Paris Saint-Germain for Edinson Cavani.
Although it remains to be seen if they are willing to spend out the mooted £37 million on Higuain, with Leandro Damiao of Internacional reportedly commanding a lower fee.