Arsenal are keeping a close watch on Vinicius Junior's contract deadlock with Real Madrid, with the Brazilian now into the final year of his existing deal. The Premier League heavyweights are reportedly willing to rip up their current wage structure to land the winger if no agreement is reached in Spain.

Arsenal are tracking what they see as a rare chance to sign Vinicius this summer. The highly regarded wide forward has moved into the last 12 months of his contract at the Santiago Bernabeu, leaving the Spanish giants under major pressure. Real Madrid are becoming increasingly concerned about the possibility of losing such an important asset for nothing through free agency. If a fresh contract is not agreed soon, Los Blancos may have little choice but to reluctantly sell him.

According to The Athletic, Arsenal are prepared to completely overhaul their existing salary framework for a player of Vinicius' quality. The huge financial outlay required for any potential move has already been cleared at every level within the Arsenal hierarchy.

Despite recent speculation on social media suggesting that personal terms had already been agreed, no such arrangement is currently in place between Vinicius and Arsenal. However, the same report states that reaching an agreement with the Brazilian would not be an issue if the transfer gathers momentum. A switch to north London remains a genuine possibility for the attacker.

"A move to Arsenal appeals to the Brazil international if he does not renew his contract with Madrid," The Athletic reported. "Should the attacker decide he wants to join Arsenal, an agreement is expected to be found on personal terms," the report added. The Premier League club are effectively putting themselves in position to take advantage if talks in Spain break down completely.

The central sticking point concerns Vinicius asking for a package close to €30 million. That lucrative demand includes a basic salary, performance-linked bonuses and what has been described as a huge, unprecedented renewal bonus.

That request is said to be directly linked to comparisons with his superstar team-mate Kylian Mbappe. Los Blancos are firmly against meeting Vinicius' unprecedented demand. The Spanish club fear doing so would trigger a dangerous ripple effect across the squad in future renewals as they try to preserve their strict wage cap.

The entire transfer story is now moving quickly towards a decisive outcome. Key talks are due to take place next week involving Vinicius, his representatives and Real Madrid executives. Those important discussions are expected to play a major role in deciding whether a new contract is eventually signed.

In a positive sign for Madrid, Vinicius is reportedly willing to slightly reduce his original demands if that helps secure a satisfactory agreement with the club. But if the upcoming talks fail to produce a real breakthrough, Arsenal remain very optimistic. The Gunners are fully ready to step in and complete what could arguably become the biggest transfer in the history of the division.