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Ivan Gazidis now looks set to stay at Arsenal for the foreseeable future, with Milan considering their options.
According to a report from Corriere dello Sport, as cited on Football Italia, Gazidis is yet to accept Milan’s €4 million offer, casting serious doubts over the move.
They also claim that the Arsenal chief executive would demand various different expensive clauses as part of the deal.
With Milan now working under the Elliott Management, the club are looking to make an appointment behind the scenes.
Gazidis was shortlisted very early on and has been linked with a move to Italy for some time now, but now looks set to miss out.
Roma’s Umberto Gandini is also believed to be a potential candidate for the role.
Recent reports have suggested that the Serie A side were running out of time to make a move, something that appears to have played a factor in their pursuit of Gazidis.