Arsenal have turned down Deportivo La Coruna's latest bid of €12 million for forward Lucas Perez, according to the player's agent.
Perez wants to leave after making just two Premier League starts for Arsenal since he joined last summer in a £17m deal from Deportivo.
Asked about Deportivo's latest offer, Perez's agent Rodrigo Fernandez Lovelle told La Voz de Galicia: "It's a very reasonable offer for a player that Arsenal have devalued. But they have turned down the offer. So far, they have said 'no' to everything.
"Recently there had been another [offer] of €10m plus €2m in variables that they didn't consider right and Depor then went up to €12m without variables and again they rejected it."
Arsenal boss Arsene Wenger said in a news conference on Wednesday that he would be willing to let Perez go.
"There's a possibility [he could leave this month]," he said. "I opened the door for him because I have many strikers. If he finds a good opportunity, I will help him."
Deportivo have made the 28-year-old their top priority. Perez was a key player for them in the 2015-16 season when he scored 17 goals and set up eight more in 35 starts.
Fernandez Lovelle says Arsenal should reconsider Deportivo's latest offer, adding they are not giving the player the chances he deserves.
Perez last month voiced his discontent after the club gave new signing Alexandre Lacazette his No. 9 jersey without asking him.
"Arsenal are the first that have proved that they are not counting on the player because they have taken his jersey number without consulting him," Fernandez Lovelle said. "Considering how the market is and taking into account that they are the first ones to have devalued the player, I think €12m is a good offer that is in line with the current market."
Depor acquired 70 percent of Perez's sporting rights from PAOK in the summer of 2015.
"Arsenal cannot forget that out of the €20m they paid [for Perez], Deportivo had to pay 30 percent to PAOK, so they only kept €14m," Fernandez Lovelle said. "Prior to that, they had paid the Greek club €1.5m for the 70 percent value of the player. In other words, Depor are paying all that they received for Perez."
Deportivo president Tino Fernandez is not giving up hope and is expected to travel to London this week to negotiate Perez's return.
Perez's agent will also travel to London to try and make a breakthrough.
"In a few days I will go there to see if we can unplug this," Fernandez Lovelle said. "I say the same thing, Arsenal is not yielding but there is still time."