Gary Cahill
Bolton Wanderers' star Gary Cahill is in demand REUTERS

On Friday, Arsene Wenger provided more evidence to support claims that he is stingy with cash. Widespread reports have stated that Arsenal had an offer rejected for Bolton defender Gary Cahill as their bid only came within one-third of his valuation.

A report in the Daily Mirror suggests that Arsenal offered just £6 million, plus add-ons, for the English centre-back - an offer which was laughed off by Bolton representatives.

The Gunners have been linked to Cahill for the whole of the summer, as they attempt to shore up their defensive forces. Wenger had two bids for Everton's Phil Jagielka rejected earlier in the summer, and has now turned his focus on Cahill. However, despite having funds after the sales of Cesc Fabregas and Samir Nasri, Arsenal offered a sum just a third of the player's value, although in their defence Cahill is already into the final year of his contract with Bolton.

Bolton paid £5 million to sign him from Aston Villa in 2008 and since then the 25-year-old's development has seen him called up for the International squad. He is now valued at £17 million.

Bolton manager Owen Coyle, who has agreed to the sale of the player for the right price, labeled the bid as derisory.

There was a conversation between (Bolton chairman) Phil Gartside and a representative of Arsenal. Coyle said. I'm only passing this on as a third party, but the word derisory doesn't even cover it.

When I make an offer for a player, I'd like to think in the right ball park, but this wasn't even close. I spoke to Gary Cahill about it before the Macclesfield game, and he knows everything that's going on.

Furthermore, the offer could leave Cahill having second thoughts about joining Arsenal, as he might feel that the club doesn't rate him highly enough.

Meanwhile, The Daily Mail has reported that Arsenal have joined in on the race to sign French teen sensation M'Baye Niang.

The 16-year-old has impressed enough to warrant the interest of the likes of Real Madrid, Manchester City, Liverpool and Tottenham, while Wolfsburg are planning to swoop for him. Madrid have also outlined a £10 million bid with a view to loaning him back to Caen.

Wenger has asked to be kept informed on the player.

Finally, Arsenal's midfield troubles could be deepened after reports suggested that Tomas Rosicky was considering a move to Wolfsburg.

According to Metro, the Czech star's agent was spotted in Wolfsburg while the 30-year-old considers his Arsenal future. Since joining Arsenal from Borrussia Dortmund in 2006, he has been plagued by injuries and has failed to grab a first-team spot. Even with the departures of Samir Nasri and Cesc Fabregas, Wenger is likely to use Aaron Ramsey and Jack Wilshere leaving Rosicky on the bench.

At 30, his next contract could be Rosicky's last major deal, and he is reportedly considering a return to Germany in a bid for first team football.