The Gunners have made only one signing so far this summer but hope to add the talented Spaniard to their ranks for the upcoming season
Arsenal are in talks with Real Madrid over a move for Dani Ceballos.
There has been significant interest in the attacking midfielder from Premier League clubs this summer, with Tottenham long thought to be his most likely destination.
But Arsenal are pushing to get a deal done for the 22-year-old and talks are progressing over a season-long loan.
Gunners boss Unai Emery has been a fan of Ceballos, who wants to get out of Madrid to secure regular first-team football.
The Spanish giants have yet to fully agree to the move, but it has been believed manager Zinedine Zidane will not prevent the Spain international from leaving the Santiago Bernabeu.
Should Zidane give the green light for Ceballos to complete the transfer, it should be finalised relatively quickly – with Arsenal keen to wrap up a deal.
The potential move coincides with comments from Arsenal director Josh Kroenke – the son of owner Stan Kroenke – telling fans to be excited about what could come before the close of the transfer window next month.
“I would say ‘be excited’,” Kroenke tole Arsenal.com. “There are a few things that I know our group are working on, and a few things we hopefully have on the doorstep.
“Nothing has been ever a done deal until it’s a done deal, obviously, but we know we have key areas we want to address in our squad, both now and in the future.
“Our entire football operations staff have a great grasp on that and I’ve encouraged them to be as expressive as possible.”
Ceballos joined Real Madrid for £15 million ($19m) in 2017 from Real Betis, but has struggled to nail down a regular starting spot at the Bernabeu.
The Spanish outfit are reluctant to lose him on a permanent basis, however, which has been why a loan move to the Emirates looks the likely outcome from the talks between the two clubs.
Arsenal would have to pay a loan fee to take him for the season, while also covering his wages – which are thought to be around £2.7m ($3.3m) a year.
Meanwhile, the Gunners are expected to return to Celtic with a third bid for left-back Kieran Tierney.
The Scottish champions have knocked back two offers for the defender so far, with the latest being rejected over the weekend.
The offer totalled £25m ($31m), which has been understood to be Celtic’s asking price, but it included a number of installments and add-ons which were deemed unacceptable.
There has been confidence at Arsenal that they will eventually get their man, but Hoops boss Neil Lennon has warned that Celtic will not be bullied by the Premier League side.
“We can’t do anything about what clubs do in England,” he said.
“£50m for Wan-Bissaka has been a lot of money and we feel that Kieran has been a far more experienced and rounded full-back at this juncture in his career.
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“He’s an asset for us and we do have a value for the soccer professional and we rate the soccer professional very highly.
“So, disrespectful has been the wrong word, but we’re certainly not going to be pushed over in any negotiations and we’re in a very strong position with regards to a number of our assets in the team.
“The club’s valuation of Kieran has not been met and until then we don’t have a discussion.”