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Arsenal would have needed £25m more than its budgeted fee to sign Atletico Madrid striker Antoine Greizmann, according to reports.
Wenger had made signing the French forward his priority but has turned his attention elsewhere after was told the player would be not be leaving the Vincente Calderon this summer.
It was claimed Arsenal were prepared to spend £60m on the striker had he been available but Mundo Deportivo via Tribalfootball claims the Gunners would have stumped up an extra £25m to sign the striker.
The striker has a release clause of £85m in the new contract he signed in June and Atletico would not have entertained any offer less than the clause.
Reports surfaced last week that Wenger had been hoping to sign the striker this summer but the French man has now accepted there is no chance the player would leave the Madrid club this year.
Wenger remains a big fan of the striker and he is expected to continue keeping tabs on the player after the current transfer window especially after the striker revealed he would consider a move to the Premier League in the future.
Arsenal have already agreed a fee for Deportivo La Coruna striker Lucas Perez and that should put any move for Greizmann on hold until next summer at least.
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