Arsenal have set aside £12 million to sign Simon Kjaer from Fenerbahce as they look to resolve their defensive crisis.
The Turkish outlet Fanatik states that the Gunners will table the bid if they are unable to sign Shkodran Mustafi from Valencia.
However, a source close to the club told Turkish-football that the Yellow Canaries will not consider offers below €15 million. The 27-year-old defender who joined from the Ligue 1 side Lille last summer has another three-years remaining on his current contract.
Wenger is running out of time to sign a new defender and will be left short of options if he fails to reinforce the defence before the end of the transfer window.
Per Mertesacker and Gabriel both out injured for Arsenal, meanwhile Laurent Koscielny is lacking match fitness and could end up missing the clash against Premier League champions Leicester City.
Fenerbahce take on Grasshoppers in the Euorpa League qualification stage tomorrow.