Arsenal have not come remotely close to matching Crystal Palace's asking price for Wilfried Zaha, according to Roy Hodgson.
The Gunners are in the market for wingers and Zaha is said to be at the top of a list containing Barcelona's Malcom and Ryan Fraser of Bournemouth.
Zaha has generally refrained from commenting on the speculation but, earlier this month, his brother Judicael made a public plea for Palace to sanction the 26-year-old's "dream" transfer.
The south London club are believed to have rejected an opening offer of around £40million and the two clubs remain some distance apart in negotiations.
"I don't think Arsenal have actually made a bid that has come anywhere near our valuation," Eagles boss Hodgson told Sky Sports.
"I'm sure the player realises that if someone's going to take him away from us, he'll expect clubs to pay the market value.
"Until someone does that, there's not much to discuss regarding Wilf."
Palace have shown they are prepared to part with prized assets this close-season, selling right-back Aaron Wan-Bissaka to Manchester United for a reported fee of £50m.
"We would've loved to have kept him," Hodgson said of the England Under-21 international.
"But the bottom line is, when Manchester United come calling and they're prepared to pay what the club feel is the market value of the player, then all we can do is wish him well."