Arsenal attacker Reiss Nelson has reportedly rejected the Gunners' first offer of a new contract.
The 23-year-old is due to become a free agent in under two months' time, but Mikel Arteta is determined to keep the academy graduate on the books for a little while longer.
Nelson came through the Hale End ranks with Bukayo Saka, who has since nailed down the right-wing spot in Arteta's team, leaving Nelson to play a bit-part role for the past several months.
However, the former England youth international has been invaluable off the bench, scoring a 97th-minute winner in the Gunners' astonishing 3-2 comeback win over Bournemouth last month.
Prior to Arsenal's enthralling success over the Cherries, Nelson had replaced Saka in the first half of October's meeting with Nottingham Forest and ended that 5-0 victory with two goals and assist to his name.
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Arsenal are believed to have tabled a new-and-improved contract offer to Nelson, but according to Fabrizio Romano, the winger has rejected their opening proposal.
Romano adds that talks will continue with Nelson's entourage, as the Englishman has announced his desire to sign a new contract with his boyhood club more than once this season.
A final decision is unlikely to be made until the end of the season, but Nelson - who is free to talk to foreign clubs - has apparently received several approaches from teams in England and abroad.
Reigning Serie A champions AC Milan are believed to have been offered the chance to sign Nelson, while Brighton & Hove Albion are also in the picture for a potential free transfer.
Nelson, who joined Arsenal as a schoolboy in 2007 and was at one point regarded as one of their highest-rated youth prospects, has produced seven goals and seven assists in 63 appearances for the Gunners' first team since making his debut in 2017.
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The 23-year-old has won one FA Cup and two Community Shields with the Gunners, while also helping Feyenoord reach the Europa Conference League final last season during a productive loan spell.
While Arsenal are not giving up hope of agreeing a new contract with Nelson, the North London club will likely part ways with several other fringe players, starting with Ainsley Maitland-Niles, who has confirmed that he will leave when his contract expires in June.
Centre-back Pablo Mari will also wave his goodbyes, as Monza were obliged to make his loan deal permanent if they avoided relegation from Serie A, which they achieved last Friday.
Reims loanee Folarin Balogun, who has scored 18 Ligue 1 goals during a sensational campaign, could also be on the way out, as Gabriel Jesus, Eddie Nketiah and Leandro Trossard are all battling for the number nine spot at the Emirates Stadium right now.
Arsenal are also believed to be open to offers for Kieran Tierney and Granit Xhaka, while none of Nicolas Pepe, Alex Runarsson, Nuno Tavares, Auston Trusty and Cedric Soares - all of whom are on loan elsewhere - appear to have long-term futures in North London.
