Arsenal are widely reported to have rejected an opening offer of the summer for captain Cesc Fabregas from Barcelona.
The Spanish giants have failed in the past two years to re-sign the midfielder, who was a member of their youth Academy before moving to London in 2003.
But, after endless speculation, Pep Guardiola's current European and Primera Liga champions are now understood to have returned with a starting bid of €30million (£27m).
Arsenal are said to have immediately turned down the verbal offer, having refused to accept a €35m approach 12 months ago.
Emirates Stadium boss Arsene Wenger is understandably refusing to let his skipper leave, but it is thought that the Gunners would listen to £40m approaches for the 24-year-old.
Barcelona president Sandro Rosell has previously explained the decreased valuation with the theory that Fabregas is not worth as much money because he is now one year older.
The Camp Nou giants have also offered Fabregas' contract as a factor, despite there still being four years remaining on the deal.
But Arsenal know that their star player, who is currently in Jakarta, would probably prefer to return to Spain and that he struggled with injury in the last campaign.
It remains to be seen whether Barcelona are prepared to go beyond the €35 limit, however, Fabregas is Guardiola's top target.
He is quoted as saying in the Daily Star: "The priority is Cesc because he is part of our new project.
"We can't afford to stand still. But there is only so much money available."