Arsenal are reportedly out of the race to sign Dalian Yifang’s Yannick Carrasco.

Gunners manager Unai Emery has just £45m to rebuild his squad this summer after his side missed out on securing Champions League football last season.

Arsenal were keen on acquiring the Belgian winger’s services back in January but now their pursuit appears to be over with Carrasco priced at £30million, according to The Sun.

Signing Carrasco would leave Emery with just £15m to further bolster his squad and as a result the 25-year-old is reportedly set to move to another side in Europe.

‘The whole world knows that I want to return to Europe,’ Carrasco said, as reported by The Mirror last week.

‘Now, it depends on the president and I hope he finds a solution.’

Carrasco joined Dalian Yifang from Atletico Madrid last year and he scored seven goals and provided two assists in 10 appearances last campaign.