Chelsea have ruled out signing Arsenal left-back Ashley Cole "in the current circumstances" after claiming the asking price is too high.

Arsenal have reportedly asked for £25million for the 25-year-old England defender, and Chelsea claim they will not buy unless the price drops.

A Chelsea statement read: "Chelsea FC has been in discussions with Arsenal Football Club for some time over the possible transfer of Ashley Cole.

"Chelsea has made a very substantial offer for the player. Although discussions have continued, Arsenal's valuation of the player does not match Chelsea's and therefore no agreement can be reached in the current circumstances."

Jose Mourinho urged Arsenal to make up their minds about the potential transfer of Cole before the end of the week.

However the club's stance has now hardened, and Chelsea could consider other options at left-back, where they are short of competition for Wayne Bridge.

An official offer has been submitted to Arsenal, and Mourinho said last night: "It is in their hands and we have to wait.

"What can I do? Arsenal has an offer from Chelsea. If they accept, they accept, if they don't accept, they don't.