Vieira's price tag is at least £20m

Arsenal will not accept a bid of less than £20million for Patrick Vieira.

Real Madrid were today reported to be ready to fax an offer for the French midfielder and Arsenal still do not know if Vieira will be staying.

The Spanish club have until Thursday to sign the player in time to beat the Champions League registration deadline and although Vieira has not formally asked for a transfer it is clear to manager Arsene Wenger and vice-chairman David Dein that he is tempted by Real's well-documented interest.

Arsenal accept that if Vieira wants to go they should cash in on the 28-year-old's talents for as much money as they can generate.

Real are thinking in terms of £12m-£14m but Arsenal's valuation is at least £20m.

Vieira missed Arsenal's friendly against Ajax on Sunday with a thigh strain which is likely to keep him out of Sunday's Community Shield clash against Manchester United.