Arsenal have been told they will have to pay £50m for Julian Draxler, according to reports.
Draxler has been a long-term target for the Gunners, who are keen to make more additions before the window closes.
But according to the Daily Star, Wolfsburg will only listen to offers in excess of £50m.
The Germany international has only served 12 months of his five-year contract.
A Wolfsburg club statement read: "This is confirmed by a release clause stipulated with Julian Draxler and his management which only comes into force in the summer of 2017.
"Wolfsburg will not transfer Julian Draxler during the current transfer period.
“Wolfsburg have explained to Julian Draxler once again in a talk that his desire to leave the club cannot be accommodated."
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The Juventus striker has been a target for Premier League clubs in the past.
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Julian Draxler - 5 things you need to know
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