Arsenal's players have rejected a club request that they take a 12 and a half percent pay cut, but are open to deferring their wages.
The Telegraph report that the players were asked to agree to the reduction for a year, with an incentive that the money would be returned to a player if a new individual deal was signed in the future.
The club are also believed to have offered a rebate if Arsenal qualified for the next Champions League season.
Before the Premier League season was brought to a halt because of the coronavirus pandemic, the Gunners were 5 points behind fifth placed Manchester United, with a game in hand.
Manchester City are currently banned from next season's competition, but that is subject to appeal.
Arsenal's wage bill is estimated to be just under €265 million per annum. The club would have saved around €30 million had their players agreed to the proposal.
To date, only Southampton and West Ham's players have agreed wage deferrals. Southampton's players have agreed a 10 per cent deferral for three months, with West Ham's playing staff understood to have taken a 30 percent deferral for five months.
The Professional Footballers' Association has advised players not to take cuts.
Arsenal have spent three seasons out of the Champions League, negatively impacting their finances.
Download the brand new OffTheBall App in the Play Store & App Store right now! We've got you covered!
Subscribe to OffTheBall's YouTube channel for more videos, like us on Facebook or follow us on Twitter for the latest sporting news and content.
