Arsenal have submitted a third bid worth £105m for West Ham and England midfielder Declan Rice.
However, it is understood the Hammers do not believe the structure of the latest bid is right.
On Tuesday, West Ham also rejected a £90m bid from Treble winners Manchester City for Rice, whose contract expires in 2024.
His current deal at the London Stadium has the option for a one-year extension until the summer of 2025.
If Arsenal's bid of an initial £100m plus £5m in add-ons is successful, the initial fee would equal the British record Manchester City paid for midfielder Jack Grealish.