Arsenal have submitted an opening bid of about £40m for Crystal Palace forward Wilfried Zaha.
No players have been offered as part of the proposed deal, and the bid will be rejected by Palace.
The 26-year-old is keen to leave the club this summer and favours a move to Arsenal, but the Eagles value the Ivory Coast international at up to £80m.
The Gunners will have to hope a compromise can be reached on a lower fee and staggered payments.
Arsenal’s summer transfer budget has been restricted by their failure to qualify for next season’s Champions League.
After an unsuccessful move to Manchester United, Zaha made a permanent return to Palace in 2015 and has four years left on his contract, which he signed last summer.