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Real Madrid president Florentino Perez has reportedly labelled Arsenal's opening offer for Karim Benzema as embarrassing after the Gunners tabled a £40million bid.

Benzema has endured a miserable season, netting only two goals in his first 13 games and a double against Champions League minnows Apoel Nicosia on Tuesday has not changed the Los Blancos supremo's desire to move him on after eight years in Spain.

Arsenal boss Arsene Wenger has been a huge long-term admirer of his compatriot, and is said to be keen to bring him in to replace Alexis Sanchez who is set to leave the Emirates on a free transfer in the summer.

(Image: REUTERS)

According to Diario Gol , the Gunners have lodged a £40m bid, but the offer is set to be given short shrift by Perez who sees it as way below Benzema's valuation.

Despite his woeful form, Perez still views Benzema as one of the best strikers in the world and in the current inflated English transfer market believes he could get considerably more than what Arsenal have supposedly offered.

Pundits in Spain widely agree that the 29-year-old is not the player he once was, in contrast to what Perez believes, and if the La Liga giants refuse to budge with their price then Arsenal and Benzema's other suitors are likely to look elsewhere.

(Image: Action Images via Reuters)

The huge price tag is unlikely to go down well with some of Benzema's Real Madrid teammates, who are believed to be furious that their game time is being restricted due to Zinedine Zidane's continued faith in his misfiring frotman.

Spanish duo Isco and Marco Asensio are believed to be two of the players unhappy about the situation, while reports of a bust-up between Benzema and Cristiano Ronaldo also surfaced earlier in the season.