UPDATE: July 14, 2013
According to Phil McNulty at BBC Sport, Arsenal's £30 million bid for Liverpool forward Luis Suárez was rejected.
Bizarre bid from the Gunners considering the Reds sold a deteriorating Fernando Torres to Chelsea for £50 million, therefore Liverpool would only sell Suárez for a substantially higher transfer fee.
Essentially, Arsenal were wasting Liverpool's time.
Arsenal are a well-run organisation so don't underestimate the purpose behind this bid.
It's a statement of intent from the club that they are proactively seeking out world-class footballers for significant transfer fees.
Speaking of world-class footballers, the Gunners are expected to announce the signing of Real Madrid striker Gonzalo Higuaín in the coming days.
You're probably thinking: "what is causing the delay?"