Club president Florentino Pérez has made clear that any offer, combining a fixed fee with performance-related add-ons, must reach that figure before Real Madrid will even sit down to negotiate a sale.
The price has been set deliberately high, with the club unwilling to lose a player of Vinícius's calibre without a significant return, while also hoping to discourage clubs merely testing the water rather than making a serious offer.
The situation has been driven by a deepening standoff over a new contract. Vinícius's current deal expires on 30 June 2027, and talks over an extension have stalled for months, opening the door for interest elsewhere.
According to The Athletic, Arsenal have begun exploring a possible move for the 26-year-old, viewing him as one of the leading candidates to strengthen their attack, though no talks have yet taken place between the two clubs. Arsenal, Premier League champions and Champions League runners-up last season, are only expected to pursue the move seriously if it becomes clear Vinícius will not renew with Real Madrid.
For Arsenal, the appeal is obvious: since establishing himself in Madrid, Vinícius has made 375 appearances for the club, scoring 128 goals and providing 100 assists at just 26 years old.
Player and club are due to reconvene this week to try to resolve the renewal, having agreed following the World Cup to revisit talks by the end of July. Should those conversations fail to progress, Real Madrid have signalled they would be open to hearing offers, though only at the price Pérez has set.
A fee of €160 million would represent a club-record sale for Real Madrid, surpassing the €117 million received from Juventus for Cristiano Ronaldo in 2018. The figure also reflects the club's determination to protect against losing Vinícius for nothing next summer should the impasse continue.
Arsenal, who have already been active in the transfer market this summer, are understood to have made informal contact with the player's representatives as a first step, though any move remains contingent on how this week's renewal talks unfold in Madrid.