Arsenal boss Arsene Wenger has rejected a £40 million offer from Real Madrid representatives.
The News of the World says Real's president-elect Florentino Perez was desperate to lure the Frenchman to Spain but the Gunners boss has decided to stay in England.
Wenger would have been handed a five- year deal which, with bonuses for winning the Champions League and La Liga, would have added up to almost £8m a year. He was also promised a free hand on recruitment by Perez, who also wanted him to eventually become Madrid's sporting director.
However, despite being flattered by the deal, Wenger has decided to stay put and will sign a new deal at the Emirates which will tie him to Arsenal for at least another three years.
