Transfer news: Arsenal refused to meet Schalke's valuation in failed January move for Julian Draxler

The move appeared to be nailed on until a breakdown in negotiations saw the Gunners move for Sweden international Kim Kallstrom instead

Schalke's midfielder Julian Draxler celebrates after scoring

Arsenal failed to sign Germany midfielder Julian Draxler after they refused to cough up the right figure to land the Schalke star, according to the Bundesliga club’s sporting director Horst Heldt.

The transfer saga looked close to complete in the final days of the January transfer window, with a number of media outlets reporting that the move for Draxler was a done deal. However, that proved to be wrong when the deal fell through on deadline day, leading to the Gunners making a loan-move for Spartak Moscow’s Kim Kallstrom – who is yet to make his debut after he suffered a back injury before the deal was completed.

Draxler is said to have a £37.3m release clause in his contract, and he looked certain of a move to the Gunners in a bid to strengthen their best title challenge since the 2007-08 campaign, when they topped the table at this point of the season with 64 points compared to their current haul of 56.

Reports in Germany claimed that Bayern Munich scuppered the deal with a plan to purchase the Germany international in the summer, but Heldt has claimed that the blame lay at the north London club’s door for failing to match their valuation of Draxler.

Speaking to German television channel SPORT1, Heldt said: “It was a lot of money, but it wasn’t enough for us.”

He went on to dismiss the belief that another bid came in from a different club, namely Arsenal’s Champions League last-16 opposition Bayern. “No, definitely not,” Heldt replied.