The Gunners denied making a £55million bid for the Italian global despite Torino's sporting director Gianluca Petrachi counter claims, but it would take a significantly improved offer if Arsenal want to add him to their squad - according to Torino chairman Urbano Cairo.
The 23-year-old, capped five times by Italy, joined Torino from Palermo in August 2015 and is now contracted in Turin until 2021.
It's reported the Gunners made an offer worth €65m, which director of sport Gianluca Petrachi seemed to confirm when speaking to Sky Sport Italia this afternoon.
Belotti has scored 13 goals this season, with only Inter Milan star Mauro Icardi above him with 14.
Spanish newspaper AS reports Arsenal recently bid €65 million for his services but Torino swiftly moved to reject the bid.
"He is going nowhere".
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So, it looks like Belotti is staying put at Torino and Arsene Wenger could be happy with the options he has at Arsenal for now.
This would be common practice whether we made the offer or not as we'd want to keep any negotiations for a player quiet and I certainly have my doubts over the validity of Torino's claims as I highly doubt they'd be in a position to turn down an offer of £56m.
"Honestly, I believe that we should enjoy our present and I think that the player's worth much more than that".
Belotti has just signed a new contract with Torino and his new deal with the club includes a release clause of € 100 million which can only be activated by foreign clubs.
But it would be an interesting move if we were in for the Italian worldwide and it could suggest that Arsene Wenger is on the look-out for potential replacements for Alexis Sanchez this summer.