Fenerbahce have admitted that they have been priced out of an audacious bid to sign mercurial Arsenal playmaker Mesut Ozil in a move touted as the biggest transfer in the history of Turkish football.

Cash-strapped Arsenal are believed to be open to offers for Ozil, who frequently fell out of favour as Gunners boss Unai Emery struggled to drive his side beyond a fifth-placed Premier League finish last season.

A dismal end to the campaign and a painful 4-1 defeat in the Europa League final to rivals Chelsea has left Emery without the budgetary riches of Champions League participation as he looks to improve his squad this summer.

Issuing a statement, the Super Lig giants, who finished sixth last season, said a deal for Ozil's services "could not be realised in the short-term."

The club added: "Mesut Ozil, with his career and standing, successfully represents our country abroad. He is an important value known with the identity of Fenerbahce.

"However, Fenerbahce does not have a proposal for Mesut Ozil. Under the current economic conditions, such a step is not possible for both parties."

Fenerbahce could now look to launch a loan bid for Ozil, whose Turkish ancestry made him eligible to play for Turkey before he chose to represent Germany.