Mikel Arteta rejected the Arsenal job because he wanted more control on transfers and would have been limited to just a £50 million budget.
That’s according to Martin Lipton, deputy Head of Sport at The Sun who appeared on Kick Off on Monday night.
News broke during the evening that Unai Emery was set to be appointed as Arsene Wenger’ successor imminently, despite Arteta holding positive talks with the Gunners’ hierarchy before the weekend.
However, Lipton told talkSPORT the current Manchester City assistant coach was unwilling to work with such a stringent budget in his first ever managerial role.
He said: “Arteta, who was being briefed and being pointed out as the most likely successor to Arsene Wenger, has developed cold feet with regards to the financial handcuffs he would have been under.
“There is, and I’m being told this is right, £50 million spend maximum for any incoming manager.
“Which seems like a lot of money, and they will point to the fact the money they spent of Aubameyang, on Mkhitaryan and also on giving Ozil his new deal in January.
“And he wanted a bit more control, a bit more promises, a bit more guarantees which he wasn’t going to get.
“Then suddenly, out of nowhere, Unai Emery (who only officially left management PSG yesterday at the end of the French season) flew into London, was obviously approached in the last few days.
“And it does seem to appear that he will be unveiled as the next Arsenal manager.”
Emery enjoyed plenty of domestic success in France, but the lack of success in the Champions League during his two seasons sealed his fate.
He has however won the Europa League on three occasions; a competition Arsenal exited at the semi-final stage to eventual winners Atletico Madrid this season.