from CNN.com
LONDON, England -- Chelsea have said their attempts to sign Ashley Cole from Arsenal have reached deadlock with the clubs unable to agree a fee for the England left-back.
Media reports say Arsenal value Cole at about 25 million pounds ($47.69m) but the English champions released a statement making it clear they were not prepared to raise their latest offer.
"Chelsea have been in discussions with Arsenal over the possible transfer of Ashley Cole," the statement read.
"Chelsea have 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."
Chelsea manager Jose Mourinho said this week he would consider other options if agreement could not be reached for the Arsenal full back.
He wants Cole to replace Asier Del Horno as his first-choice left back, with Wayne Bridge not in favor and William Gallas keen to move rather than play out of his natural central defensive position.
Gallas was missing from Wednesday's 1-1 draw against Celtic at Stamford Bridge. Gary Caldwell opened the scoring for the Scottish champions in the 10th minute before Shaun Wright-Phillips equalised on the stroke of halftime.
New signings Andriy Shevchenko, Michael Ballack, Salomon Kalou and John Obi Mikel made their first appearances at home for Chelsea who struggled to break down Gordon Strachan's well-drilled side
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