Monaco have rejected a bid of £44.5 million from Manchester City for full-back Benjamin Mendy, according to multiple reports.
The left-back has been identified as a top target for manager Pep Guardiola, who wants to bring three full-backs to the club. City have already signed England international Kyle Walker from Tottenham Hotspur this summer in a deal, which could potentially reach up to £50m depending on his success at the club.
According to the Daily Telegraph, Ligue 1 champions Monaco want a similar fee for Mendy, who is four years younger than Walker.
Sources have told ESPN FC that City had hoped to reach an agreement with Monaco this week after pursuing the left-back all summer.
Premier League champions Chelsea have also been linked with a potential late bid to sign the France international. The two clubs are already battling it out for the signature of Real Madrid right-back Danilo, while Southampton's Ryan Bertrand is another defender who has been linked.
Pep Guardiola wants at least three new full-backs after allowing Pablo Zabaleta, Bacary Sagna and Gael Clichy to leave at the end of last season when their contracts expired.
Brazilian defender Danilo is a versatile option because of his ability to play in either full-back position and in central midfield.
Mendy, meanwhile, is seen as an attacking left-back, which Guardiola felt they were missing in his first season at the club.