Arsenal have received official bids from Manchester City, Manchester United and Juventus for Robin Van Persie, according to BBC Sport.
All three clubs have put in an opening offer of £15 million ($23.5 million), but Arsenal are holding out for £25-30 million ($39-47 million).
BBC Sport suggests, the 28-year-old striker will not be a part of Arsenal's squad that travels to Asia on Saturday. The Dutchman stated his intent to not sign a new contract on his official website earlier this month, immediately forcing Arsenal's hand to sell their captain.
Arsene Wenger was hopeful of convincing Van Persie to commit his future to the Gunners, when the forward came back to Arsenal from holiday on Monday. However, it now looks like the talks have failed to change Van Persie's mind.
City are understood to be the frontrunners for Van Persie's signature, with the oil-rich club ready to pay the Dutchman a massive £250,000 a week ($390,000) in wages. Sir Alex Ferguson is keen to bring Van Persie to Old Trafford, as he hopes to form a formidable partnership with Wayne Rooney; both players capable of playing the leading striker's role, or the man just behind the main forward.
Juventus director general Beppe Marotta, admitted the Italian champions' interest in the Dutch striker, who scored 37 goals in all competitions last season, but said the striker might be out of their price range, if a bidding war ensued. "Van Persie is a fan's dream," Marotta told reporters.
"Everyone has dreams but then you have to confront this with the reality.
"We know what we have to do, and that is the important thing."
Juventus are also after reported Arsenal target Stevan Jovetic. The 22-year-old's club Fiorentina have slapped a €30 million (£ 23.3 million, $36.7 million) price tag. "It's an unmanageable figure. We're not even going to discuss it right now," Marotta added.
"Everyone is free to set the price they want. It's a legitimate right. But we haven't opened negotiations with Fiorentina."
Arsenal are scheduled to play games in Malaysia, China and Hong Kong.
The Gunners take on a Malaysian XI next Tuesday in Kuala Lumpur, before flying to Beijing to face Manchester City on July 27. Arsenal play the last match of the tour against Kitchee FC in Hong Kong on July 29.
Van Persie is expected to stay in London and work on his fitness at the club's London Colney training ground.