Arsene Wenger has described Atletico Madrid's offer for Jose Antonio Reyes as an 'insult'.
Atletico had looked to succeed where city rivals Real had failed as they looked to snatch the Spanish international away from The Emirates Stadium.
However, the bid of around £8 million made by Atletico is well short of Arsenal's asking price - said to be over £12 million.
"I do not consider that an offer - I consider that an insult," blasted Wenger.
"I feel if a player wants to go and you get an agreement with the money you want, he goes - if you do not get that, he stays here.
"We will try to make him happy - but what can we do about the situation?
"When a player has a contract you need an agreement of three parties and you need an offer for a player and we have had no offer.
"I am not annoyed [by the situation] because I take care of the players who play and the players who do not play, what can I do?
"He wants to go Spain and we have no offer, what can I do about it?
"I can do nothing.
"It is like you wanting to marry Miss World and she does not want you. What can I do about it?
"I can try to help you, but if she does not want to marry you, what can I do?
"If you are not happy, what can I do about it? It is exactly the same.
"It is important that everybody is happy at the club - but there are other interests which are above that."
Arsenal are still in talks with Chelsea over Ashley Cole's possible move to Stamford Bridge, and William Gallas's potential transfer in the opposite direction.
However, Wenger insists Arsenal have the funds to buy Gallas without selling Cole.
"Do not think that we do not have the money to buy anyone if nobody goes out, that is not true.
"It [buying] would be less needed [if no-one left]. But I can still buy.
"I can buy in January, I can buy now.
"You can play a little with the opportunities."