Manchester United, Manchester City, and Juventus have all tabled bids for Robin van Persie - but Arsenal are yet to receive an offer higher than £15million.
All three clubs lodged bids for the 28-year-old this week, but Arsenal are refusing to let him leave on the cheap.
Van Persie is out of contract at the end of next season and recently announced he does not plan to sign a new deal at Emirates Stadium, with AC Milan, Barcelona, and Real Madrid showing interest.
But Juve, along with the two Manchester rivals, have been seen as favourites to win the race to sign the Netherlands international for some time.
Manchester City are believed to have offered £15m for the Dutchman, while according to The Sun, United's opening offer is understood to be about £13m.
Juventus are thought to have offered even less, despite making Van Persie one of their top transfer targets.
It is thought Arsenal want around £25m for their captain, but could reluctantly let him leave the Emirates for £20m.
Van Persie will miss the club's pre-season tour of Asia, which the club insist is so he can work on his fitness, although it is believed the forward will stay behind in London at least partly to resolve his future.
United boss Sir Alex Ferguson on Friday confirmed the Red Devils have made an offer, but acknowledged there is stiff competition in the race to sign Van Persie.
"Obviously Arsenal have given out the fact that we've made a bid for him," he told MUTV.
"We try to keep business as close as possible to us until the moment we conclude a deal. There's no point talking about something that might not happen.
"There are other clubs interested in the player. We've shown an interest and that's where we're at at the moment."
On Saturday afternoon, United were favourites with bookmakers Sky Bet to win the race to sign Van Persie, ahead of Man City, and Juventus.