Shakhtar Donetsk have rejected Arsenal’s initial offer worth up to £57 million ($69 million) for Mykhailo Mudryk. The north London side had offered Shakhtar €40 million ($42.6 million) up front with a further €25 million ($26.6 million) in potential add-ons.

Despite the Ukrainian side turning down the offer, talks will continue between the two teams as they look to narrow the gap. Mikel Arteta wants to make an attacking signing in the window to boost the club’s Premier League title charge.

The offer had fallen short of Shahktar’s initial valuation, with the club publicly claiming they expect to receive a fee as high as £88 million ($107 million) for the 21-year-old winger. Mudryk is said to be Arsenal’s primary target in the January transfer window.

It has now been revealed that Ukrainian side Shakhtar have turned down Arsenal’s initial offer for Mudryk, with transfer guru Fabrizio Romano reporting the same.

Arteta and Edu have been pursuing the 21-year-old winger, who has been watched closely by the club for some time. Arsenal considered a summer move for the Ukraine international, before pivoting to trying to sign Douglas Luiz when Thomas Partey and Mohamed Elneny were ruled out with injuries.

Mudryk is regarded as one of the most exciting young attacking talents in European football. He has been on the radar of many clubs, and almost moved to Brentford in August during the summer transfer window. His performances in the Champions League this season have been particularly eye-catching. He was impressive in Shakhtar’s 4-1 win over RB Leipzig and scored in both games against Celtic.

He was linked with a move to north London in the summer, but a transfer could now be completed in the coming weeks if Arsenal up their offer. At club level, he has seven goals and six assists in the league this season.

Arsenal play away to Brighton in their next Premier League match on December 31. Arsenal are currently top of the Premier League table after 15 games and are seven points ahead of Newcastle who sit second.

They came from behind to beat West Ham 3-1 on Boxing Day to cement their first place standing. Goals from Bukayo Saka, Gabriel Martinelli and Eddie Nketiah were enough to seal a crucial win in their return to Premier League action.

With Gabriel Jesus expected to be on the sidelines through injury for around three months, a move for Mudryk has been accelerated. However, there is still work to be done from Arsenal before they sign, seal and deliver a new attacking star.

• A TalkSport / The Sun report