"The contract was on the table and Arsenal withdrew it, and it sounds like to me the manager has said, "hold on a minute, I'm not giving him that kind of money, I can get a better player than that", Merson told TalkSPORT.
"I think we need to improve a lot".
"But now he is getting better, he is training with us in some things and this is very positive".
Bellerin is delighted to be back on an upward curve but is also eager to avoid seeing everyone connected with Arsenal swept up in the hype surrounding the club, telling their official website: "We need to be realistic, Rome wasn't built in a day".
"We need to stay with the best teams in the Premier League". He won three times with Sevilla.
He pointed to their last home game over Watford, where Arsenal were lucky not to fall behind to the Hornets before securing a 2-0 win, as a fine example.
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The clash takes place at the Emirates stadium while kick off is scheduled for 20:00 (GMT) on Monday night. The next game against Leicester is very big, very hard. [We need] this calm because we [beat] a lot of opposition teams with very [poor] performances.
Ramsey said during the global break that he has no intention of pushing for a move in January, and Emery urged the midfielder to stay focused on the next match.
Arsenal's Welsh midfielder Aaron Ramsey is set to leave the club after failing to agree a contract extension, and with his current deal set to expire in July it is rumoured that the Gunners may cash in during the January transfer window.
"Our target now is the same as in the first matches", he said.
"It's the same, my answer".
"My focus is every single match". The football, the future is tomorrow.
With 60 goals and as many assists in 340 appearances since joining the club from Cardiff City as a teenager, his former teammate Jack Wilshere feels the club should be looking to reward the player with the club captaincy - rather than refusing to meet his wage demands. "Individual things are not for me to speak about now".