Schalke Sporting Director Horst Heldt has suggested that Arsenal's January offer for Julian Draxler wasn't enough for the German club to sell their prized asset.

44-year-old Heldt, a former footballer himself, indicated that the Gelsenkirchen club are in no rush to sell the midfielder, though they are believed to have set a price of €44.5 million.

In conversation with the German television channel SPORT1, Heldt denied that Bayern Munich had made a bid, perhaps suggesting that the onus is on Arsenal to come up with the required cash.

"It was a lot of money, but it wasn't enough for us," the Sporting Director told SPORT1, regarding Arsenal's offer.

Asked whether Champions League and Bundesliga winners Bayern had made an offer, Heldt was forceful: "No, definitely not," he said.

Arsenal and manager Arsene Wenger have been widely criticised following the failure to sign Draxler, and any other reinforcements for the title run in.