Atletico Madrid have given Julian Alvarez until Sunday to make a decision; open up to the idea of a move to Arsenal or stay at the club.
Alvarez is believed to be considering his options after being told repeatedly, publicly and privately by Atletico, that he will not be joining Barcelona.
But he is also said to be "struggling" and "confused" with the situation, and has not yet indicated a willingness to seriously consider a move to the Premier League champions.
As was the case yesterday (Thursday), as far as Arsenal are concerned, nothing has changed. They believe it is unlikely he will join them and until he shows considerable interest in being part of Mikel Arteta's plans, they will not approach for negotiations.
Those close to the situation in Spain also believe that the longer it continues without clarity from the player, the more likely he remains where he is.
He will not play against Sevilla this weekend, Atletico boss Diego Simeone has confirmed, having not trained for the last three days.
Atletico CEO Miguel Angel Gil Marin said on Friday: "[Julián] is really struggling. There were people who misled him, who left him confused, and the truth is that I deeply regret it.
"I know him, I've been working with him for some time, and he is a great person, a great professional and an excellent footballer.
"He is completely confused and, at the moment, he is going through a very difficult situation, both personally and professionally."
Arsenal boss Mikel Arteta refused to be directly drawn on their interest in the former Manchester City forward.
But when asked on Thursday if the club's links with the striker could be troubling some of his players, he replied: "Very simple. Whatever you read, if you have a question, come and knock on my door, and I will tell you whether it is true or not.
"Because a player in any position, if they read it, we could put a catalogue on the walls about all the players that we wanted in the last three months, and we would need the whole building.
"They know that there's so much speculation. So if ever they feel the doubt of what we think about them, and if we're going to recruit a player, I tell them straight away.
"And if we're going to sign somebody in their position, I normally tell them. I say: 'These are the plans and the reasons. We still believe in you, but the competition is going to increase'. I prefer to do it that way."
South American football expert Tim Vickery speaking on Your Site News:
"It is up to Atletico. They have two options: do they want to keep a player who doesn't want to be there? Or do they want to cash in?
"Clearly, they wouldn't sell to Barcelona and wouldn't sell to Real Madrid if they were interested. That does not leave them with many options; who else could afford him?
"The other options are in the Premier League. I'm not sure he was wildly happy during his time in England. He has got himself in a place where there are not many options.
"Arsenal would give a fantastic narrative. Why not try to be part of the first Champions League at Arsenal?
"Why not be a part of that? And, depending on the terms of the contract, Arsenal could be a stepping stone to Barcelona. But it is up to Atletico.
"I am told that the fans would probably take him back if he has to go back to Atletico. He is a wonderful player, a striker with the soul of a midfielder."
