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Brazilian Melo, 25, has signed a one-year contract extension with Fiorentina that includes a £21m release clause.

“Arsenal is the only club to have come close to the sum established by the release clause,” read a club statement.

“Fiorentina in turn proposed to Arsenal a reduction in the amount by including right-back Emmanuel Eboue.”

Fiorentina sporting director Pantaleo Corvino also denied reports in Italy that Melo had signed for Juventus.

Melo, who arrived at the Viola for £7m from Spanish side Almeria last summer, is a target for Gunners manager Arsene Wenger after the player had a starring role for his country in their Confederations Cup triumph this summer.

After partnering former Arsenal midfielder Gilberto Silva throughout the tournament it appears the north London club would like Melo to play alongside Spanish star Cesc Fabregas at the Emirates Stadium.

Melo, who is contracted to Fiorentina until 2013, has a tough-tackling style that resulted in him picking up 17 yellow and three red cards in Serie A last season.

Eboue had looked like a fine prospect when he broke on to the Arsenal scene in 2006 after arriving from Beveren in January 2005 but the Ivory Coast international’s career has faltered recently.

The 26-year-old conceded in June that he was unhappy about his lack of regular first-team action at Arsenal.

Plus, in December 2008 he was booed by the Gunners fans after coming off the bench against Wigan and was then himself substituted.

Wenger has already started strengthening his squad this summer, with the signing of Belgian defender Thomas Vermaelen from Ajax in a deal worth up to £10m, and he admitted he has more money to invest.Arsenal will have to offer full-back Emmanuel Eboue as part of any deal to sign Fiorentina midfielder Felipe Melo, according to the Italian club.

Brazilian Melo, 25, has signed a one-year contract extension with Fiorentina that includes a £21m release clause.

“Arsenal is the only club to have come close to the sum established by the release clause,” read a club statement.

“Fiorentina in turn proposed to Arsenal a reduction in the amount by including right-back Emmanuel Eboue.”

Fiorentina sporting director Pantaleo Corvino also denied reports in Italy that Melo had signed for Juventus.

Melo, who arrived at the Viola for £7m from Spanish side Almeria last summer, is a target for Gunners manager Arsene Wenger after the player had a starring role for his country in their Confederations Cup triumph this summer.

After partnering former Arsenal midfielder Gilberto Silva throughout the tournament it appears the north London club would like Melo to play alongside Spanish star Cesc Fabregas at the Emirates Stadium.

Melo, who is contracted to Fiorentina until 2013, has a tough-tackling style that resulted in him picking up 17 yellow and three red cards in Serie A last season.

Eboue had looked like a fine prospect when he broke on to the Arsenal scene in 2006 after arriving from Beveren in January 2005 but the Ivory Coast international’s career has faltered recently.

The 26-year-old conceded in June that he was unhappy about his lack of regular first-team action at Arsenal.

Plus, in December 2008 he was booed by the Gunners fans after coming off the bench against Wigan and was then himself substituted.

Wenger has already started strengthening his squad this summer, with the signing of Belgian defender Thomas Vermaelen from Ajax in a deal worth up to £10m, and he admitted he has more money to invest.

However, whether Wenger, who is notoriously shrewd in the transfer market, wishes to splash out on the Brazilian and lose Eboue remains to be seen.