The Gunners reportedly offered around £15 million for the left-back but Celtic immediately rejected the offering claiming that they will not accept anything less than their demanded £25 million.
Neil Lennon even went on record to claim that Arsenal will have to splash out more cash if they wish to get their hands on Kieran Tierney.
When asked if Celtic have received another bid for Tierney, Lennon told The Scottish Sun: “Not that I’m aware of. Arsenal are aware of what we value the player at. He’s on a long-term contract, he’s an asset and we don’t want to sell him.
“It’s going to have to take a lot more than what they’ve offered the first time around to give us a decision to make.
“I’ve had a chat with him as it can be a difficult decision and bit unsettling. I’ve been there myself so it’s important that we support him regardless of the outcome.”
While some rumours have since claimed that the Premier League side have made a second offer which is in the vicinity of £20 million but former Arsenal left-back Nigel Winterburn has urged his former side to stop mucking around and just pay the market price for Kieran Tierney.
“I think somewhere closer to £20m or £22m is probably going to seal the transfer for Arsenal if they’re realistic about securing the player’s services,” Winterburn told Love Sport Drive.
“Also, it makes a big difference if the player himself has indicated to the club that it’s a move he really doesn’t want to turn down: the chance to come and play in the Premier League.
“I think when you’re talking Premier League prices now, £20m doesn’t seem a lot of money so I think it’s a fair price for a young player that has undoubted ability and could progress even further.
“It seems a realistic fee to me when you’re talking about Manchester United allegedly paying £50m for Wan-Bissaka. That puts it into perspective a little bit more.”