Arsenal allegedly proposed the idea of swapping Matteo Guendouzi and Alexandre Lacazette for Atletico Madrid midfielder Thomas Partey earlier this summer.
While the Gunners have been strongly linked with the Ghana international for a number of months, there appears to be a reluctance to meet the player's £45m release clause.
Speculation persists over the long-term futures of Guendouzi and Lacazette, who may be allowed to depart the Emirates Stadium in the coming weeks.
However, speaking to Lee Gunner on his YouTube channel, Italian journalist Fabrizio Romano says that Atletico were only interested in a straight-cash deal.
Romano said: "For sure they spoke with Atletico Madrid. It was during the meeting they had for Thomas, the first time it was in July. They spoke about Matteo Guendouzi and they spoke also about Lacazette.
"But at the moment, Atletico Madrid was not going for Lacazette."
Guendouzi has fallen down the pecking order at Arsenal due to disciplinary issues, while Lacazette is now only regarded as backup to Pierre-Emerick Aubameyang.
