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Arsenal have had a £5m offer knocked back for Leicester City winger Jeremy Monga, according to reports.
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The Times claim that the Foxes want £10m for the 16-year-old, as well as a 15% sell-on clause.
It is a climbdown of sorts, as the League One side were initially hoping to receive a fee in the region of £15m for Monga.
Even so, the Gunners will still have to double their opening proposal to meet the asking price.
Arsenal have seen off competition for the player
There is believed to be no danger of other Premier League clubs muscling in on negotiations. Chelsea, Manchester City and Manchester United all reportedly made late attempts to sway the teenager, but he has made it clear that the Emirates is his preferred destination.
Monga is not actually tied down to a professional contract, but he pre-agreed to sign one with Leicester on his 17th birthday next month.
The forward is said to have made the decision to ensure that his current club receive a decent fee for him, having trained him from an early age.
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Will Monga be part of the first-team setup if he joins?
It is expected that the England Under-19 international will be given the chance to impress manager Mikel Arteta in pre-season training.
The Gunners have announced their first friendly, which takes place against Girona in August, and if a deal is agreed, Monga could feature in that match.
Whether the youngster will do enough to remain part of the first-team squad for next season, though, is another matter. It is likely that he will be loaned out (most probably to a Championship side) to gain more experience.