Arsenal seemed confident that they would land Higuaín for a sum of close to £23 million

Arsenal were dealt a blow in their bid to sign Gonzalo Higuaín last night after they and Napoli were told that the Argentina forward would cost €40 million (about £37 million).

The North London club seemed confident that they would complete their first signing of the summer, for a fee of close to £23 million, after informal conversations last month with Real Madrid. It is unclear whether Real have moved the goalposts amid interest from Napoli, who received £53 million from the sale of Edinson Cavani to Paris Saint-Germain.

Despite reports that Arsenal had already agreed personal terms with Higuaín’s agent and father, Jorge, the move has stalled and the Spanish club claimed that they have not received a formal offer from the Barclays Premier