Crystal Palace manager Roy Hodgson has said that Arsenal are yet to make a bid "anywhere near Wilfried Zaha's valuation".
Sky Sports News understands the Gunners submitted a £40m bid for Zaha, but Palace rejected the offer.
Hodgson was speaking after his side's 6-2 friendly defeat to Barnet, with the majority of the squad made up of U23 players.
He said: "I don't think Arsenal have actually made a bid that has come anywhere near our valuation.
"I'm sure the player realises that if someone's going to take him away from us, he'll expect clubs to pay the market value.
"Until someone does that, there's not much to discuss regarding Wilf."
Aaron Wan-Bissaka has left Palace for Manchester United this summer, in a deal that could reach up to £50m.
Hodgson has wished the England U21 international well in his move to Old Trafford.
"We would've loved to have kept him," Hodgson said.
"But the bottom line is, when Manchester United come calling and they're prepared to pay what the club feel is the market value of the player, then all we can do is wish him well."
The Eagles are yet to replace the England U21 international and, along with a defensive injury crisis, meant that they had just three defenders to field on Tuesday evening.
"We've got enormous problems at the back at the moment," he said.
"We really don't have any defenders, to speak of. Aaron's gone and we've got three others injured.
"We will have to do the best we can to make sure we replace [Wan-Bissaka] in some way."
Crystal Palace's next friendly comes against Nottingham Forest on Friday.
Nicholas: It's a true concern
Speaking on the Transfer Talk Podcast, Sky Sports' pundit Charlie Nicholas has his concerns about Arsenal's transfer strategy this summer, and supports fans' recent calls for a restructure.
"I totally support the Arsenal fans' statement. The concern has been growing for 18 months, about the lack of atmosphere, lack of ambition. I think the criticism is fair.
"Now there's a situation whereby there are too many chiefs trying to have a say. Are there too many guys sitting on the committee? It's getting a bit out of control.
"If Arsenal are going after defenders, which they need more than anything else, then go and nail them down, go and make a statement of intent.
"Arsenal have to force the issue. I know times have changed, but Arsenal are finding it damned hard to compete at a big financial level. It doesn't seem as if there is a strategy, and that is a true concern."
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