Ivan Perisic has handed in a transfer request at Inter Milan after Arsenal had a loan offer rejected for the winger.
Inter director Guiseppe Marotta told Sky in Italy: "Perisic has asked to leave but there is no offer for him. We will see in the coming days.
"We will listen to the request of Perisic, he has put in a transfer request; we must try to satisfy him but also respect the value of him."
Sky in Italy are reporting that Arsenal proposed an initial loan for Perisic, with an option to buy for £34.5m, but Inter appear to prefer a permanent move for the player, who turns 30 on February 2.
Head coach Luciano Spalletti said: "It's a player that has been talked about because everyone values him as much as we do, and if anyone wants to buy him they will need to pay him good money because we rate him a lot."
Arsenal head coach Unai Emery has ruled out the club making any permanent signings in January, with only loan deals a possibility.
Emery has previously said he was keen on signing a winger and a centre-back for Arsenal.
Perisic, who has started 14 of Inter's 20 Serie A games this season, was named on the bench for Sunday's Serie A match against Torino, but he did not feature as Inter lost 1-0.
He played a key role in Croatia's World Cup campaign in Russia, scoring in the final as they lost 4-2 to France.
However, he has struggled for form since the summer, registering just three goals and five assists in 25 appearances across all competitions for Inter this season.