Arsenal and Liverpool have both suffered a significant blow in their attempts to sign a fantastic young player this summer.

According to the Daily Mirror, Schalke's Max Meyer has decided to reject a move to Liverpool or Arsenal, and instead will choose to sign a deal with German side Hoffenheim when his contract expires this summer.

Meyer, who joined Schalke as a 14-year-old, has been very outspoken in his desire to leave the club at the end of the season, and it now appears as though he will finally get his wish.

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Arsenal had been hoping to use their head of recruitment Sven Mislintat and his ties with the Bundesliga to their advantage in their pursuit of Meyer, but it appears as though they will miss out on securing the young German's signature.

Meyer's refusal to sign a new contract saw him banished from the club's training ground.

When asked about his decision to leave the club, Meyer said: "I never cared for the money, otherwise I would have accepted the second improved bid. That's why I think it's a mess that Clemens Tonnies says it's just about money.

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"I simply did not want to stay in Schalke and work under Mr Heidel. That's it. In the end, it just feels like I'm being bullied.

"I did not want to come out and talk. I've only had enough of always reading something about myself, but neither Heidel nor Tonnies have talked to me.

"From the first day [Heidel told me] I could go; then he said that I would not play much anymore [and] I was not wanted anymore."

Since joining Schalke, Meyer has made 192 appearances, scoring 22 goals and assisting a further 24. He is a versatile player who can play as either a defensive or attacking midfielder, and Arsenal and Liverpool will be regretting missing out on this transfer.