Real Madrid reportedly rejected the chance to sign Pierre-Emerick Aubameyang for £8m less than Arsenal paid Borussia Dortmund in the latter stages of the January transfer window.
Arsenal broke their transfer record to bring the Gabon international to the Emirates Stadium on deadline day.
However, according to El Gol Digital, the move to London only came about after Madrid rejected the opportunity to sign the 28-year-old for a figure in the region of £48m.
Aubameyang scored 141 goals in 213 appearances for Dortmund, but it is understood that Madrid turned down the opportunity of a deal due to concerns over the striker's off-the-field conduct.
The forward has been sanctioned for punctuality problems on a number of occasions, and has been left out of squads due to missing team meetings as he looked to force a move away from the Bundesliga.
Aubameyang could make his Arsenal debut in Saturday's Premier League clash against Everton.
