Turkish club no longer interested in signing £300,000-a-week Gunners star

Fenerbahce have admitted that they have been priced out of an audacious bid to add mercurial Gunners midfielder Mesut Ozil in a move touted as the most significant transfer in the history of Turkish football.

Cash-strapped London club are believed to be open to offers for Germany international, who frequently fell out of favour as Arsenal manager Unai Emery struggled to drive his side beyond a fifth-placed Premier League finish last campaign.

A dismal end to the season and a painful 4-1 defeat in the Europa League final to rivals Chelsea has left Spanish coach without the budgetary riches of Champions League participation as he looks to improve his squad this transfer window.

Issuing a statement, the Super Lig club, who finished sixth last campaign, said a deal for Mesut’s services “could not be realised in the short-term.”The Turkish club added: “Mesut Ozil, with his career and standing, successfully represents our country abroad.

He is an outstanding value known with the identity of Fenerbahce. “However, Super Lig giants do not have a proposal for the German playmaker. Under the current economic conditions, such a step is not possible for both parties.

“Fenerbahce could now look to launch a loan offer for the 30-year-old midfielder, whose Turkish ancestry made him eligible to play for Turkey before he chose to represent Germany. Arsenal signed Gabriel Martinelli from Ituano this summer and almost finished negotiations with Saint-Étienne centre-back William Sliba.

London club also linked with Belgian forward Yannick Carrasco, Crystal Palace winger Wilfried Zaha, Bournemouth attacker Ryan Fraser and Leicester City playmaker James Maddison.