The Swans have had a reported offer of £7m plus add-ons rejected by the Dutch club.
According to The Sun, the Swans wanted any deal for the Columbian defender to include add-ons linked with how the club fare over the next couple of seasons.
Reports are now suggesting that PSV are demanding nothing less than £12m as an up-front payment for Arias, who has been linked with the club over several transfer windows.
With Barnsley’s Andy Yiadom still on the Swans’ radar, it is yet to be seen whether the club will go back in with another offer for the PSV man who is said to be concerned over the Swans’ chances of relegation.
The Swans’ are in need of backup at full-back after selling Stephen Kingsley to Hull earlier this week. Kyle Naughton, current first-team right back, is expected to fill in as backup at left back.
The clock is ticking for the Swans’, who are still in need of additions before the transfer window closes in just four days time.