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Arsene Wenger was linked with Kostas during the last window, but failed to bring him to the Emirates.
Instead, they broke up Shkodran Mustafi for a bid of £35m.
Chelsea have also been monitoring the Greece international, with Italian Coach Antonio Conte eager to shore up his defense despite recalling Nathan Ake from his loan spell at Bournemouth.
And Manolas’ agent, Ioannis Evangelopoulos, has revealed why a deal never materialized.
“I cannot say where the 25 year old would like to play but it will be interesting to see which teams will come knocking for him,” Evangelopoulos told Greek radio station Sport FM.
“Roma refused an almost €40m offer from Arsenal for Kostas in the summer.
“The Gunners were really interested but Roma’s demands exceeded what they were willing to pay.”
Arsenal meanwhile, have changed their mind, and aren’t considering letting Per Mertesacker go out on loan this January.