Arsenal have reportedly turned down a €10million (£8million) bid from Juventus for Dutch striker Robin van Persie.
The 28-year-old scored 37 goals for the Gunners last season, but has less than a year remaining on his contract.
Gazzetta dello Sport state the Bianconeri will return with an improved offer in a bid to sign the Premier League's top goalscorer in 2011/12.
Serie A champions Juve are joined by Premier League champions Manchester City in the queue of admirers for Van Persie, who is in a similar position to ex-Arsenal playmaker Samir Nasri last year.
Nasri was sold to City for £20m after it became apparent he would not sign a new contract with under a year remaining on his deal.
Van Persie was signed by Arsene Wenger in 2004 for £2.75m from Feyenoord, and he has since scored 132 goals for the Gunners.
However he has only won one trophy - an FA Cup in his debut season with Arsenal - in eight years at the Emirates and could be tempted by the resurgence of Juve, who won their first title in six years in May.
If Wenger has to sell Van Persie, he would almost certainly prefer it be to a foreign club. Arsenal have sold Emmanuel Adebayor, Kolo Touré, Gäel Clichy and Nasri to City in the last few years as they have been overtaken by the Citizens in the Premier League table.