Borussia Dortmund are demanding Olivier Giroud in part exchange for Pierre-Emerick Aubameyang - or they will put the deal off until the summer.
The German club want £60m for Aubameyang but have also told Arsenal they must get a replacement with Giroud their No1 choice.
Dortmund are sweating on their Champions League place and while they know Aubameyang wants to join Arsenal they are determined to bring in a goal scorer to get them back into Europe.
Arsenal have already offered around £45m for Aubameyang and talks are ongoing with club officials still in Germany to try to thrash out a deal.
Dortmund wanted Giroud last summer and the France striker has since admitted the move appealed to him but eventually Aubameyang stayed put.
It is proving to be a difficult deal and is unlikely to be resolved quickly even though Aubameyang has agreed personal terms on a switch which would see him get around £200,000-a-week at the Emirates.
Arsenal boss Arsene Wenger has not ruled out Giroud going to Dortmund and knows he wants game time ahead of next summer’s World Cup.
Arsenal are confident of getting the Aubameyang deal done but it looks as if it will be dependant on Dortmund getting a replacement in.
Meanwhile, Arsenal are still waiting on Henrikh Mkhitaryan and Alexis Sanchez to complete their transfers as both need work permits after completing medicals and agreeing personal terms in the swap deal.
Manchester United are likely to confirm Sanchez today with Mkhitaryan set to move the other way and join in a deal worth around £180,000-a-week.