The club will hold out for around £20m more than suitors are now willing to pay, wanting an £80m injection into their bank account after avoiding the financial hit of dropping down into the Championship.
Arsenal's summer transfer budget has been hit by their failure to qualify for the Champions league, along with the financial implications the club - like many others - has sustained due to the coronavirus pandemic.
Aston Villa will reportedly keep their stance on only selling Grealish for £80million since he is their best player and they are now not desperate for money since they remained in the Premier League after getting some important points at the end of the season including a win over Arteta's men at Villa Park.
The midfielder's importance to the club is underscored by contribution to Villa's successful fight against relegation.
Michael Owen has been quoted by the Daily Mail as saying that Aston Villa captain Jack Grealish has his "heart set" on a move to Manchester United this summer - amid an offer from Ole Gunnar Solskjaer's side.
Once again, simple finances make a move to Liverpool unlikely, with the Merseyside outfit having recently pulled out of the race to sign German striker Timo Werner due to the £50 million transfer fee being demanded by RB Leipzig. It is understood personal terms will not be an issue.
The midfielder has been linked with Manchester United, but it has emerged that Arsenal also hold an interest.
Aston Villa boss Dean Smith joked Grealish's immediate plans are to get drunk, rather than discuss his future, as the club secured their Premier League status on Sunday. "I'd be surprised if he went anywhere else", Owen said to Premier League Productions.