Perez arrived at the Emirates last summer from Deportivo La Coruna for a fee believed to be worth £17 million, but failed to make a big impact in his debut season, making just two Premier League starts and only scoring four goals across all competitions.
The 28-year-old has made it clear he wants to leave the Gunners before Thursday's deadline although the FA Cup holders are playing hardball over any potential deal.
Former employers Depor are said to have made a three million euros loan offer for the forward while also paying the player's full salary, a bid that was also made by Levante.
However, Arsenal have deemed both approaches unacceptable and are holding out for a more significant payment to allow Perez to leave on loan for the rest of the campaign.
The Premier League club's stance will add to the Spaniard's frustrations, with time running out to secure a move away before the end of the summer transfer window.