Executives and players have been attempting to secure some sort of agreement during talks over the past fortnight, which would allow the north London club to lessen their financial outlay while football is suspended in the country.
The idea of a 12.5 per cent wage cut – which would last for a year – was put to the senior squad over the weekend, with Arsenal making it clear to the players that the financial situation at the club would be grave should the season not be completed or if it were to be finished behind closed doors.
Had that offer been accepted, it would have seen Arsenal cut around £25 million ($31m) from their annual £230m ($286m) wage bill. It was, however, met with scepticism by the players with the Gunners currently sitting ninth in the Premier League.
A vote on the offer was held among the squad on Monday and – as st reported by The Telegraph and since confirmed to Goal – it has been rejected.