Arsenal Transfer Rumours - Cahill, Elia, Chu-Young and Pereira

Arsene Wenger has told Bolton Wanderers to keep Gary Cahill if they maintain their stance that his initial offer for the player is derisory.

On Friday, widespread reports suggested that Arsenal had bid for Cahill with the figure believed to be around £6 million. However, it was an offer which was laughed off by Bolton representatives.

Bolton manager Owen Coyle, who has agreed to the sale of the player for the right price, labeled the bid as derisory.

There was a conversation between (Bolton chairman) Phil Gartside and a representative of Arsenal. Coyle said. I'm only passing this on as a third party, but the word derisory doesn't even cover it.

When I make an offer for a player, I'd like to think in the right ball park, but this wasn't even close. I spoke to Gary Cahill about it before the Macclesfield game, and he knows everything that's going on.

However, Arsene Wenger has come out enraged at Bolton for making the offer public, and has threatened to pull the plug on the deal, especially as Cahill is into the final year of his Bolton contract and will be available for nothing in a year's time. Wenger also revealed that the reported figure of £6 million was wrong.

That number is wrong, said Wenger. It is completely wrong. I believe every negotiation is between two parties and you only have to sell the player if you are all right with the price.

You only have to sell the player if you are all right with the price. It is not true. You can believe Gartside or you can believe me. It's not right. It's not the truth,' added Wenger.

If Gartside can say I am lying I am ready to confront him. The truth is that we never speak about our negotiations. If a club doesn't want to sell a player it can keep him. When we sign a player we come out here and tell you and keep the price a secret.

They do not need to sell the player, they can keep him. If you ask do I want to buy your house and you are not happy with the price you say no, that's it.

Why should you feel insulted? I don't understand. If the player is not for sale they can keep him. I don't understand the problem.

The Gunners have been linked to Cahill for the whole of the summer, as they attempt to shore up their defensive forces. Wenger had two bids for Everton's Phil Jagielka rejected earlier in the summer, and has now turned his focus on Cahill. However, despite having funds after the sales of Cesc Fabregas and Samir Nasri, the offer comes to just a third of the player's value.

Elsewhere, Monaco striker Park Chu-Young is reportedly set to join Arsenal although he is believed to have an agreement to join French side Lille.

The South Korean forward is ready to leave Monaco, as the side suffered relegation last season, and was reportedly close to a move to French champions Lille for €3 million (£2.6m).

However, Wenger is keen to bolster his attack, with just days remaining for the close of the transfer window, and reports suggest he is set to snatch Park from under the noses of Lille. The player was set to undertake the second part of his medical at Lille when he was made aware of Arsenal's interest.

Lille president Michael Seydoux is furious and according to L'Equipe, he said, We are stunned with his unacceptable behaviour in terms of human qualities. This shows the player had nothing to do the Lille.

Meanwhile, the Daily Mail reports that Arsenal are interested in Hamburg's pacy winger Eljero Elia as Wenger is keen to add creativity to his midfield. Elia is believed to head his wish-list.

Finally, The Metro has reported that Parma midfielder Danilo Pereira is being monitored by Arsenal. The 19-year-old is highly rated and has been likened to Patrick Vieira as he is tough and uncompromising in the centre of the park. However, he is yet to make his full first-team debut for Parma and is short on first-team experience.