French media outlet Get French Football News, as quoted by the Daily Mail, is reporting that the Gunners have made an attempt to sign the Atletico defensive midfielder ahead of the summer transfer window.
Atletico's Partey, 27, is a top target for Arteta.
It is understood that a bid of €25 million plus a player, most probably Matteo Guendouzi, was rejected by the Spanish club on Monday, with Arsenal already stating that they are unwilling to pay the Ghanaian midfielder's release clause in full.
Sources close to Atletico insist that Partey is happy at the club and that they are confident he will agree to stay on, but they are expecting Arsenal's pursuit of their player to continue.
The Spanish side, Atletico Madrid have rejected an offer from English Premier League side, Arsenal to sign Thomas Partey after the North London side offered Matteo Guendouzi plus £22.5million in a swap deal for the Ghanaian worldwide.
Therefore, the Gunners will not be able to afford Partey's release clause.
Talks have been held over a deal for the 28-year-old, who started 23 league games for Porto last season.
The report goes on to add that Mikel Arteta will be forced to sell some of the fringe members of his Arsenal squad in order to raise the funds to sign Partey this summer.
"He is a Spanish coach, he is a bit similar to Portuguese coaches, they also want to play with the ball and improve with the ball, so I think he is a good coach".