Arsenal have rejected bids from Fulham and Crystal Palace for forward Emile Smith Rowe.
Discussions are ongoing internally at both clubs over whether to go back in with an improved offer.
Sky Sports News understands Smith Rowe wants to assess all his options – regular first-team football is his primary motivation.
The 23-year-old has two years left on his Arsenal contract.
Smith Rowe struggled for minutes under Mikel Arteta’s at the Gunners last season, making just 13 Premier League appearances for last season’s top-flight runners-up.
The attacker started just twice in the league for Arsenal – against Nottingham Forest in late January and at home to Luton in early April.
Smith Rowe came through the north London club’s academy and emerged as a regular option for Arsenal in the 2021-22 season, before injury and the rise in form of Gabriel Martinelli hampered his Gunners hopes.
Arsenal confirm Lokonga, Tavares loan exits
Albert Sambi Lokonga (left) has joined Sevilla
Arsenal have announced the loan exits of Albert Sambi Lokonga and Nuno Tavares.
Lokonga joins Sevilla on an initial loan with an option to buy for around €12m (£10m). Arsenal have inserted a 25 per cent sell-on clause and Lokonga is into the final two years of his contract.
Tavares, meanwhile, joins Lazio on a loan with an obligation to buy for €5m (£4.3m).
The Portuguese left-back has not featured for Arsenal since the final day of the 2021-22 season, while Lokonga’s last Gunners outing in a competitive fixture came in January 2023.
Tavares spent last season on loan at Nottingham Forest, while Lokonga was at Luton Town on a temporary deal.
When does the summer transfer window open and close?
The 2024 summer transfer window in the Premier League and Scottish Premiership is officially open.
The window will close on August 30 at 11pm UK time in England and at 11.30pm in Scotland.
The Premier League and Scottish Premiership brought forward Deadline Day to link up with the other major leagues in Europe. The closing dates were set following discussions with the leagues in England, Germany, Italy, Spain and France.