Arsenal have had a bid for Sevilla's 23-year-old Brazilian striker Julio Baptista rejected by the Spanish club.
Baptista was Sevilla's top scorer with 18 goals last season
"We consider it a derisory offer," Sevilla president Jose Maria del Nido told the club's website.
"We will not consider negotiations based on that amount of money. Furthermore, we told them that we did not want to sell the player.
"But the player doesn't want to renew his contract. Circumstances change and we will have to see what happens."