Arsene Wenger has made his first move in the final couple of weeks of the transfer window to try and land a big name by making a £12 million ($18.7 million) bid for Newcastle midfielder Yohan Cabaye.
However, the Magpies have rejected the offer outright, according to the Daily Mail, leaving Wenger considering a second offer for the French international.
With Mikel Arteta out injured for at least six weeks, and Alex Oxlade-Chamberlain, who can also play through the middle, out for a considerable time, Arsenal are extremely light in the midfield department and Wenger is keen to bring in an experienced player as soon as possible.
The Frenchman, under tremendous pressure from the fans to spend some money having just bought in youngster Yaya Sanogo on a free transfer, has now identified Cabaye as an ideal candidate to add quality to the squad.
Cabaye has been one of the standout performers in the English Premier League over the past couple of seasons and has been linked with the likes of Paris Saint-Germain, Manchester United and Tottenham this summer.
Newcastle are extremely reluctant to let their key player leave and it would seem Arsenal will have to cross the £20 million ($31.2 million) mark if they are to force the Magpies to even consider selling.
Wenger has so far kept the available transfer cash tightly in his pocket, but with the Luis Suarez deal looking increasingly unlikely, Arsenal are in desperate need of a couple of marquee signings.
Cabaye will fit in extremely well at Arsenal and the fact that he had plenty of Premier League experience will definitely be seen as a positive.
However, convincing Newcastle to sell will not be easy and it can only be done by making an offer, which they cannot refuse, something which Wenger and Arsenal are unlikely to do.
