Giallorossi director of sport Walter Sabatini met with Gunners chiefs this afternoon in London and presented a proposal worth €8m – approximately £6.9m.
According to Sky Sport Italia, the response was that Arsenal want €10m – around £8.6m.
There is thought to be optimism that the two clubs can reach an agreement with further negotiations.
It is also possible the Giallorossi will try to include Pablo Daniel Osvaldo as part of the deal, as they are eager to off-load the forward.
The striker was consistently criticised by fans during pre-season training, with some banners referring to him as ‘a coward’ and a ‘worm’.
The Corriere dello Sport is suggesting Inter will net striker Marco Borriello from Roma on a loan deal.
The forward has returned to the capital club this summer after spending the 2012-13 campaign at Genoa.
The latter are interested in taking Borriello again, possibly by offering Alberto Gilardino in return for the player.
However, reports today suggest that Inter have made contact with Giallorosso sporting director Walter Sabatini.
The 31-year-old, an Italian international, has played for a variety of clubs in Italy, including Milan and Juventus.
Borriello scored 12 goals in 28 League games for the Grifone last term.
The Partenopei are eager to spend the €63m earned from Edinson Cavani’s sale to Paris Saint-Germain.
According to Sky Sport Italia, their spending spree is nowhere near over, as Coach Rafa Benitez has more names on his wish-list.
Jackson Martinez is the prime target after scoring a remarkable 33 goals in 43 games in all competition last season for Porto and Colombia.
He netted 26 in 30 Primeira Liga matches and his price-tag is thought to be at least €35m.
“The problem is that the clause in his contract is between €35m and €40m, so with Higuain’s arrival I doubt Napoli would want to spend that much on another very similar striker,” Italian agent Salvatore Fiore told TMW.
“However, the two could co-exist. Jackson is a forward who can start from a deeper position, so he could play alongside Higuain.”
The other transfer target emerging is Lyon midfielder Gonalons, who had already been linked with Napoli in recent weeks.
Now that Reina has all but been confirmed, Morgan De Sanctis is due to join Roma.
According to Sky Sport Italia, the 36-year-old goalkeeper is due to leave the Dimaro pre-season training camp and meet his new teammates at Riscone di Brunico.
It is believed the clubs have agreed a transfer worth €0.5m, though there are also rumours De Sanctis is still discussing a farewell payment with Napoli.
Donato Di Campli is keen to get the midfielder a pay rise in the French capital and he may use the admiration of Serie A clubs as a bargaining tool.
“We are asking for an improved salary because Fiorentina are chasing him and Juventus are interested too,” Di Campli told Gazzetta.it on Wednesday.
The playmaker, 20, joined PSG a year ago from Pescara after the Serie B champions accepted €12m for his signature.
Verratti, also linked with Real Madrid, has spoken of his happiness in France even if he admits playing in Serie A at some stage is an objective.
The Azzurri regular is now valued at around €25m.