Arsenal were among the first clubs to make enquiries about Gustavo Varela, but signing the Monza striker could now cost considerably more than expected.

The 21-year-old was valued at around €15m (£12.5m) just days ago. Now, looks like the Italian club embraced the hype and are reportedly looking for €40-50m (£33.4-41.7m), with Barcelona also joining the list of interested sides.

That’s quite a jump for a player who only arrived from Benfica in the summer. And Monza aren’t really desperate to let him go.

Arsenal face much higher price for Varela

Portuguese newspaper A Bola reports today that Monza are aiming for a deal worth €40-50m (£33.4-41.7m) if they eventually sell Varela.

The striker has no release clause and is tied to the Italian club until 2030. That gives Monza plenty of room to negotiate, especially with several European clubs watching him.

According to the newspaper’s own information, Arsenal were among the first Premier League clubs to ask about the Portugal U21 international.

That’s worth pointing out, as previous reports from Italy had already mentioned enquiries from the Gunners. The Portuguese outlet now suggests they were really early to the party.

Barcelona have also entered the picture, while Napoli remain interested. So Arsenal certainly won’t have the field to themselves.

The price is the biggest change, though. Earlier Italian reports put Varela’s valuation at €15m (£12.5m). Monza are now looking at almost three times that amount at the lower end of their reported expectations.

And there’s another problem. A Bola say the Serie A side don’t want to sell him, despite sitting 18th in the table.

Benfica watching closely as Varela’s value soars

Varela’s former club Benfica have plenty of reasons to follow the situation. They sold him for €2m (£1.7m) plus bonuses last summer, keeping 20% of the profit from a future transfer.

A deal worth €50m (£41.7m) could therefore bring them around €9.6m (£8m), according to the Portuguese newspaper.

Benfica also have the right to match offers for the striker, although A BOLA explain that the Lisbon club know it would be difficult to compete financially at these prices.

Meanwhile, Varela keeps giving Monza reasons to push their demands higher.

He is currently Serie A’s leading scorer, and a senior Portugal call-up could provide another boost to his reputation. Jorge Jesus is due to announce his next squad on Friday.

For Arsenal, time could be an enemy. Their early enquiries came before the reported valuation shot up, and the competition is now growing.

Monza’s reluctance to sell makes a January move even trickier. Unless their stance changes, any interested club may have to pay a substantial premium to get a deal done.