Shkodran Mustafi Germany
Arsenal are still trying to manufacture a deal to sign Shkodran Mustafi from ValenciaReuters

Arsenal could pull out of the deal to bring in Shkodran Mustafi, after Valencia reportedly increased their asking price for the defender. The Mustafi to Arsenal saga has been going on for a fair few weeks now, with no end in sight, despite Arsene Wenger's assurances that the club are closing in on a defender.

Mustafi is thought to be the first choice amongst the defender signing options, but despite reportedly already agreeing personal terms with the Germany international, Arsenal haven't been able to come to terms over a fee with Valencia.

Reports had initially suggested Arsenal were reluctant to meet the £25-30 million Valencia were asking for, and now, according to the Daily Mirror, that price has gone up to £50m.

Valencia know Arsenal are desperate for a defender, and while Laurent Koscielny might have returned to first team action, the Premier League club are still woefully short of experienced centre-backs.

Mustafi will be a welcome arrival at Arsenal, but with Valencia holding out for a big fee, it remains to be seen if a deal will be made. The report says Arsenal's transfer man Dick Law has flown to Spain in order to negotiate a smaller fee, because, even with all the money that Arsenal have in the bank at the moment, paying £50m for Mustafi would be ridiculous.

Arsenal have other targets in the likes of Jose Gimenez, another who will cost around that £50m mark, Simon Kjaer, Omer Toprak and Jonny Evans, but Wenger will hope to see the Mustafi deal through. Indeed, speaking after Arsenal's 0-0 draw with Leicester City in the Premier League, Wenger sounded hopeful of signing Mustafi from Valencia.

"Mustafi? We hope it will be done," Wenger told SFR Sport. "He is one of a number of players we are looking at.

"We are struggling to find the players we need, but we must be responsible. Mustafi is one of a number of players we are looking at, but, yes, negotiations are ongoing."

Arsenal are also thought to be in the market for a forward, with Yacine Brahimi, the Porto winger, the latest to be linked with a move to the Emirates.