Barcelona president Joan Laporta has described €35 million as a "fair market price" for Arsenal captain Cesc Fabregas and claims negotiations are continuing with the Premier League club.

GettyImagesCesc Fabregas and Carles Puyol are team-mates for Spain

• Arsenal reject Barca bid

Arsenal turned down Barcelona's opening offer for Fabregas on Wednesday and issued a statement to make it "abundantly clear" they will not consider selling their skipper this summer, despite the fact he has asked to rejoin his first club.

Barcelona are not ready to let their interest drop though and Laporta has publicly made clear the figure he feels is reasonable for a player that left Barca's academy to join Arsenal in 2003.

"Offering €35 million for a player like him is a fair market price," Laporta told a press conference. "It is a price that we consider to be his market value. Arsenal have rejected it. Now the sporting director (Txiki Begiristain) must decide what should be the next step.

"We are in negotiations and we'll see how they turn out. At times, these operations are resolved at one speed, and others at another. We have to do everything we can to convince them (Arsenal) that the best thing for all is to reach an agreement.

"The club have full confidence that Arsenal will end up understanding the situation."

Laporta also believes the best-case scenario for Fabregas would be to "have the transfer closed as soon as possible, before the start of the World Cup. But it will be difficult because Arsenal are entitled to stand firm and that must be respected."

While Fabregas's future remains in doubt, Arsenal are reported to be interested in another Barcelona product in 19-year-old winger Gai Assulin.

The Israeli's contract expires at the end of June and Sport reports that both Manchester City and Arsenal could attempt to exploit the situation and bring Assulin to England.