Arsenal's £22.5million bid for Atletico Madrid midfielder Thomas Partey, with unwanted star Matteo Guendouzi included as a makeweight, has reportedly been rejected.

The part-exchange deal appears to have collapsed due to Atletico's demand for Partey's release clause, which is valued at just under £50m, to be met for any negotiations to go ahead this summer.

According to Get French Football News, Arsenal's attempt to include hothead Guendouzi as part of the switch failed to interest Atletico.

The 27-year-old Partey remains one of the club's key targets this summer, but the Emirates outfit appear unwilling to meet his hefty valuation.

Their efforts to offload an unwanted star in Guendouzi, who has been frozen out of the first-team picture since the defeat to Brighton last month, fell short with Atletico steadfast in their desire to keep their prized assets.

Mikel Arteta is believed to be desperate to overhaul and improve his squad now the transfer window has re-opened, but will be required to sell players first in order to generate funds.