By Tony Hughes

Valencia have put a £50million valuation on German international defender Shkodran Mustafi, according to a report.

The news follows quotes from Arsene Wenger in The Telegraph where he said that he hoped a deal for Mustafi would go through, and that he was one of a number of players that Arsenal are monitoring.

If that news gave Arsenal fans encouragement, the latest report in The Mirror is likely to put them back in the doldrums, after a quiet summer and a stuttering start to the Premier League campaign that sees them still looking for their first win after two games.

It’s reported that the Spanish club are ready to play hard-ball over the transfer, with a reported £50million price tag put on the Gunners target.

It’s said that they are trying to raise cash to fund their own bid for Chelsea’s unsettled star Pedro.

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Wenger confirmed that negotiations are ongoing, and it is understood that Arsenal’s transfer negotiator Dick Law is in Spain to try and broker a better deal for the north London club.

It is highly unlikely that they would be willing to entertain paying so much for the player. On Thursday it was claimed that a £25.9m transfer was close and now the price is reported to have almost doubled.

The Mirror claims that Wenger is open to a four-year deal for the player and may be willing to pay over £25million for his services.

The transfer saga is set to rumble on, but with deadline day approaching it remains to be seen which club will blink first.

In other Arsenal transfer news, these two former players are set for an unlikely reunion in Turkey.