The summer transfer market appears to be closing its doors to Athletic de Bilbao. The Basque side had been very keen to sign Monreal, especially after sealing their place in the Champions League group stages, but Wenger has refused to sell point blank.

With Gibbs out injured, the Frenchman has started the Spanish international full-back in both of the club's Champions League qualifying games. That was his message to the Arsenal board. If they want to sell Monreal, they will have to sign a quality left-back.

Negotiations to sign the defender have apparently reached a point of no return. The transfer market closes on 1st September and Wenger has yet to find a solution. 28-year-old Monreal has two years left on his contract with the 'Gunners', who signed him from Málaga in 2013 for €10m.

Athletic tried to sign him back then, but the English side offered more and Málaga decided to sell him to Wenger's side.

The Basques had been prepared to pay Arsenal between €3m and €5m for the Arsenal man and offer the player a contract for no less than three years, which is longer than his current deal with the Londoners.

Signing Monreal would have given Valverde options at left-back. Balenziaga usually plays there, but he can also play at right-back, having played an entire season in that position on-loan at Valladolid.