The Gunners have reportedly backed down on offering the full release fee to secure the signing of the Ghanaian midfielder.

Arsenal are on the verge of missing out on signing Atletico Madrid star Thomas Partey after refusing to pay the fee for his release. The Gunners, on Monday, reportedly expressed their unwillingness to settle the full $58.8 million (50 miliion euros) price tag slapped on the 27-year-old Ghanaian midfielder by Los Colchoneros.

Partey's move to Arsenal has been widely anticipated, with the player said to be the No.1 transfer target for the club this summer. With just a year left on his current contract, the defensive midfielder is yet to extend his stay at Atletico – a situation which hints at his said willingness to move to the Premier League outfit.

In the just ended Premier League season, the lack of proper investment, coupled with a series of underwhelming performances, led to the Gunners finishing eighth. While Mikel Arteta's side looks forward to challenge for a top-four position next season, speculations suggest that the club may not have the luxury to make statement signings.

According the reliable transfer guru Fabrizio Romano, Arsenal were willing to offer a player plus half of Partey's release fee to Atletico Madrid. However, the offer was thrown out as Diego Simeone's side are refusing to accept any amount short of the $58.8 million fee.

Partey was instrumental in Atletico's run-in to finish third in La Liga this season. The Ghanaian made 35 La Liga appearances, scoring four goals, bagging one assist.