Arsenal have been in the summer transfer market for a striker, with several forwards linked with a move.
The Gunners now focus their efforts on acquiring RB Leipzig forward Benjamin Sesko, although his price tag is expected to be similarly substantial.
Arsenal drop Gyokeres' interest
The English club has reportedly withdrawn its interest due to Sporting's high financial demands.
According to Record, via Sportal, Sporting is asking for €80 million for the Swedish striker, a sum Arsenal is unwilling to meet.
Yesterday, the same source reported that Gyokeres's representatives informed Manchester United that the Swede wasn't interested in a move to Old Trafford.
Fabrizio Romano later stated that the striker's preferred destination was Arsenal.
Juventus are also reportedly showing strong interest in the Sporting goalscorer.