Jose Maria del Nido has denied that any deal has been struck with Arsenal for Julio Baptista, but has revealed that the Gunners have more than doubled their original offer.
The Sevilla president admits the latest bid for the Brazilian international is closer to the fee that the Andalucian club believe he is worth.
However, he warned that any deal would have to be agreed by all parties with Baptista recently stating that he wants to stay in Spain in order to earn a European passport.
"The latest offer is approaching the amount that Sevilla would accept for the player, but there has been no deal," del Nido explained after reports in England suggested that the clubs had agreed a fee.
"From the €12million that was the original offer, that has been more than doubled now and would surpass the amount that we received for Jose Antonio Reyes.
"But any agreement would have to be a three-way thing."
Arsenal's confidence of securing Baptista took a knock when their second bid was turned down, but they have since returned with a third attempt.
The Highbury club's vice-chairman, David Dein, has met with Sevilla officials at least twice in a bid to finalise a move, but his advances have been rebuffed on each occasion.
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