Usmanov, a Russian billionaire who owns 30 per cent of the English Premier League club, made the offer in a letter to Kroenke, the club's American shareholder who controls a 67 percent stake, the Financial Times reported on Friday.
A person familiar with the situation says Arsenal shareholder Alisher Usmanov has had an offer to buy out owner Stan Kroenke rejected.
On Friday, it was claimed that the Russian oligarch - worth an estimated £11bn - had made the bid to take full control of the Gunners, with Kroenke now owning a 67% share.
Despite not having formally responded, Kroenke is understood to have not ruled any offer out completely, but more recently has informally suggested he is not interested in selling the North London club to Mr. Usmanov, or indeed any other interested parties. In an interview with Bloomberg last month, Usmanov said the blame for the club's performance should not rest exclusively with Wenger, but also with Kroenke and the board, from which Mr. Usmanov is excluded. Kroenke also bought into Arsenal in 2007 and became majority shareholder four years later.
The Frenchman's future at the club will be decided at a board meeting after Arsenal meet Chelsea in 27 May's FA Cup final.More news: Planned Parenthood to close 4 Iowa clinics after funding cut
'I respect Stan Kroenke a lot.
"We need an owner like Abramovich, who wants to win".
Wenger's current contract expires at the end of the season and he is believed to be resistant to the club's plans to appoint a director of football. But they should not question it, I am professional, as long as I am somewhere I do my job until the last day. It's early right? It's just amusing how when people talk about his company and is it for sale or not for sale we straight away have a statement about it, ' said the Frenchman.
Finishing fifth means Arsenal will play in the Europa League for the first time next season and missing out on Europe's premier tournament may not sit well with their star players.