Everton's shock £30 million bid (about N13.2bn) for Nigeria and Arsenal winger, Alex Iwobi, has been turned down by Gunners.
The Toffees took many unaware with Wednesday's bid for 23-year-old Nigeria international.
According to reports across several English media outlets, the Merseyside team are expected to return with an improved bid before the English summer transfer window closes on Thursday.
Should a transfer to Everton succeed, Iwobi will become Nigeria's most expensive player ever.
The initial transfer fee of £30m [which is expected to be increased] is more than what the country's present most expensive player, Kelechi Iheanacho, commanded when he switched from Manchester City to Leicester City.
Iheanacho is currently the costliest Nigerian player, having joined Leicester City from Manchester City for a fee of £25m.
Iwobi who is under contract at the Emirates until 2022 played 51 times for Arsenal last season in all competitions totaling 2,839 minutes. He scored six goals while having nine assists to his name.
The Super Eagles star is rounding off his holiday having been given an extended break by the Arsenal management because of his involvement with Nigeria at the 2019 Africa Cup of Nations where the country picked up a bronze medal.
Unfortunately for Everton, they have not only been met with a brick wall in the pursuit of Iwobi, Everton have also seen a £70m plus James McCarthy and Cenk Tosun bid for Crystal Palace winger Zaha turned down, according to Sky Sports News.
Palace are looking for at least £80m for Zaha and the player is understood to be very disappointed and disillusioned about the situation, according to Sky Sports.
Zaha has made it clear he wants to leave this summer, with boyhood club Arsenal his preferred destination.