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Arsenal and Roma are locked in negotiations over a deal for Henrikh Mkhitaryan, with their respective valuations very different at present.

That’s according to Corriere dello Sport, who report that Mino Raiola’s efforts to include Justin Kluivert have so far ‘not produced the results expected by Roma’.

Reports over the last week have indicated that a swap deal involving both players has been proposed so that Mkhitaryan’s loan deal can become a permanent one this summer.

However, the structure of such a deal is proving tricky, with Roma wanting money if they are to trade for the Armenian.

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Corriere confirm that is the case today, explaining that Raiola, who represents both players, is the man who ‘proposed an exchange’.

Arsenal are willing to accept such a deal but only if it is a straight swap deal between Mkhitaryan and Kluivert.

Roma don’t see that as a fair exchange, with CEO Guido Fienga asking for at least €10-15m in compensation for Kluivert before he will accept any sort of exchange.

They are very keen to keep Mkhitaryan, who has impressed despite injuries limiting his playing time this season; indeed manager Paulo Fonseca has ‘asked to retain’ the forward, but they are not willing to simply give up Kluivert to secure him.

Thus, the formula for the deal is still to be ‘studied’ between Roma and Arsenal to see if they can work out something that suits everyone.