Ajax are demanding €50m to sell Lisandro Martinez.
De Telegraaf says Arsenal have already had a €30m bid rejected by the Eredivisie champions, but are to submit an improved offer of €40m.
However, it is unlikely to be accepted as Ajax want at least €50m for his services.
Mikel Arteta's side face competition from Premier League rivals Manchester United for Martinez's signature.
The Red Devils are looking to bolster their defence following a disastrous season.
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