The Real Sociedad president has admitted that he has held talks with Arsenal over a move for Mikel Merino, but warned that they must match the asking price for the Spain midfielder.

Merino was left out of Sociedad’s first game of the season at the weekend – a 2-1 defeat at home against Real Vallecano on Sunday – with the manager, Imanol Alguacil, insisting beforehand that the 28-year-old will be “with the team to the death”.

Talks between Arsenal’s sporting director, Edu, and the Spanish club are continuing after Sociedad turned down a first formal bid believed to be worth €25m (£21.4m). Sociedad are understood to be holding out for a fee of about €35m for Merino, who has one year left on his contract. Merino has rejected their offer of a new deal, having already agreed personal terms with Arsenal.

The Spanish club’s president, Jokin Aperribay, confirmed to the radio station Onda Vasca on Monday that the midfielder has signalled his intention to depart this summer. “Merino was clear that he didn’t want to say he was renewing and then leave. It wasn’t a surprise to us,” he said. “Unfortunately, one of the teams we didn’t want to show up showed up.

“We will talk to Arsenal and defend the interests of La Real. When we consider that the offer is good, we will say yes. We know what Merino’s wishes are, so we decided that he should not be called up [for the game on Sunday].”

Meanwhile, Arsenal have rejected a bid of £25m from Nottingham Forest for Eddie Nketiah. The England striker, for whom Marseille had two bids rejected earlier in the summer, is thought to be valued at about £30m by Arsenal.

Forest are expected to return with an improved offer for the 25-year-old, who also has interest from Crystal Palace. It remains to be seen whether Oliver Glasner’s side follow up their longstanding interest and make a bid.