Arsenal have tabled a bid worth a British record £90m for Monaco winger Thomas Lemar.
The France international, 21, is seen as a direct replacement for Alexis Sanchez.
Should the Gunners land Lemar, Sanchez will be allowed to leave for Manchester City.
The Daily Mail say Arsenal are now awaiting the answer to their mammoth bid.
Arsenal have opened negotiations with Paris St-Germain for Julian Draxler.
Draxler has been linked with the Gunners for years but he’s always eluded Arsene Wenger.
The Telegraph say negotiations have begun with just hours left to go in the summer window.
As well as the uncertainty around Sanchez, Arsenal are also keen to secure a deal following Alex Oxlade-Chamberlain’s Liverpool move.
Arsenal have sold Donyell Malen to Dutch side PSV Eindhoven.
The striker, who failed to make his senior debut for the Guners, has completed his permanent move away from north London for an undisclosed fee.
In a statement, Arsenal said: “Everyone at Arsenal would like to wish Donyell well for the future and thank him for his contribution.”
