Arsenal have rejected a €30m offer from Barcelona for their captain Cesc Fabregas, according to The Daily Telegraph.
The Gunners turned down the bid which was reportedly tabled earlier this week and the club are bracing themselves for another summer focussed on the Fabregas' future.
The Telegraph claim Arsenal have placed a private valuation on the talismanic midfielder of £44m which means Barca's initial offer falls around £17m short.
Although there is sure to be an ongoing pursuit of Fabregas, the 24-year-old is contracted to Arsenal until 2015 meaning the club are under no pressure to sell for the next couple of years.
Barcelona's president Sandro Rosell recently declared they would not offer more than £35.5m.
"This year we won't offer the same as last year because a year has gone by and Cesc today is not worth 40 million [euros]," he said.
The Catalans' significant debt means that they are not in the same position of power as they were last summer when they were close to brining Fabregas back to the Nou Camp.
It therefore means the Spain international could make a move elsewhere if he wishes to leave in search of silverware. Manchester City, Chelsea, Inter Milan and Real Madrid have all been suggested as possible destinations and all have the financial might to outbid Barca.
It has been clear for the last two summers that Fabregas is eager to return to his boyhood club and he tried to force a move last year by handing in a transfer request.
The issue of bringing the Arsenal skipper back to Barcelona is particularly sore for the Spanish giants considering the Gunners paid just £700,000 for him as a 16-year-old and are now rejecting offers in excess of £30m.
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