Arsenal are reported to have failed with a 12million euros (Ł9.5million) bid for Cristian Zapata.
The Udinese starlet is one of the most highly-rated young defenders in Europe and he is being tipped to move on this summer.
The 21-year-old Colombian joined the Bianconeri in 2005 from Deportivo Cali and he has been a regular for them over the past three seasons.
Milan, Juventus, Internazionale and Fiorentina are all keen - but Arsene Wenger is also very much in the market to land the young central defender.
Arsenal are believed to have made their interest known with a deal just below Ł10million - but that is still someway short of meeting Udinese's valuation.
Zapata has four-years left on his contract at the Friuli and it is believed the club would only consider a deal starting at 20 million euros (Ł15.8million).
It now remains to be seen whether Arsenal will make a renewed attempt to land the South America - although skysports.com also understands that two further Premier League sides are considering making bids.
Skysports