Defender has a contract in the Spanish capital until 2017.
La Liga champions Atletico Madrid have rejected a £9m bid from Arsenal for their right-back Juanfran, according to reports in the Daily Mirror.
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The north London club are currently on the look out for a new right-sided full back following the confirmation late on Thursday that their own right back Bacary Sagna would be leaving the Emirates this summer.
Sagna, 31, whose contract with the Gunners runs out at the end of June, is now set to quit the club on a lucrative free transfer, with the full back set to join mega-rich Premier League champions Manchester City next season.
However, Arsenal head coach Arsene Wenger may have to start looking elsewhere now for a replacement for Sagna after Atleti rejected the Premier League side’s bid for their coveted Spain international, with the player himself also understood to prefer to remain at the Vicente Calderon next season.
Juanfran, 29, turned in a brilliant display at the back last weekend, despite his side eventually going on to lose the Uefa Champions League final to city rivals Real Madrid in Lisbon’s Estadio da Luz.