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Arsenal have reportedly failed with an opening £40m bid for Karim Benzema which Real Madrid president Florentino Perez has labelled 'embarrassing'.
The France international has been strongly linked with a Los Blancos exit despite opening penning a fresh four-year contract earlier in September.
Arsene Wenger's side are on the hunt for fresh recruits in the New Year with contract rebels Alexis Sanchez and Mesut Ozil facing the prospect of being sold.
According to Diario Gol, the north London have revived their long-term pursuit of Benzema with a £40m bid which has been quickly snubbed by Perez.
Despite not being in the best of form, Perez believes that Benzema is still one of the best forwards in the world, and he is prepared to make a hard bargain for the Frenchman.
Since joining from Lyon in 2009, Benzema has racked over 185 goals in all competitions, while winning two La Liga titles and three Champions League crowns.
Written by Sri Aswin
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