Sporting Clube de Portugal have already identified a replacement for Viktor Gyokeres, but an agreement between the clubs has yet to be reached after a recent meeting, according to reports from Portugal.
football.london understands that the Gunners are actively working to sign Gyokeres. Arsenal have admired the 27-year-old for some time, with interest dating back to his days at Coventry City in the Championship.
Keen to seal Gyokeres' signing, Andrea Berta has traveled late to Portugal last week for further talks, according to the Mirror.
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He is said to have briefly returned to the UK before heading back to Portugal to finalise a deal with Sporting officials.
Portuguese newspaper A Bolahas now revealed key details from the meeting between the two clubs in Lisbon. It is reported that 'nothing has been agreed,' but Berta left 'hopeful' that a deal will be struck soon.
The difference between Gyokeres' valuation and Arsenal's offer is believed to be around €5m (£4m).
Arsenal's initial proposal of €55m (£47m) plus €10m (£8m) in add-ons failed to convince Sporting.
During the meeting, an offer of €65m (£56m) plus €15m (£13m) in add-ons was reportedly tabled, but Sporting are said to have stood firm.
Sporting are looking for €70m (£60m) upfront - with Arsenal falling €5m (£4m) short.
Although Arsenal are said to have left 'empty-handed,' Mikel Arteta'sside are expected to take the 'final step soon.'
Gyokeres' return to Sporting’s pre-season has been postponed until July 11, giving Arsenal crucial time to complete a deal.
A Bola also notes that the Swedish striker has had a personal agreement with Arsenal since May 13 - a five-year contract reportedly worth €8.3m (£7.1m) per season.
The Portuguese giants have reportedly already set their sights on signing Colombian Luis Suarez to replace Gyokeres at the Estadio Jose Alvalade