Arsenal are ready to offer Joel Campbell plus a transfer fee for Sporting Lisbon midfielder William Carvalho, reports the Metro.
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Campbell would not go to the Primeira Liga club side permanently, but could join on a year-long loan.
The Costa Rican is currently on a similar deal at Villarreal after failing to break in to the first team at the Emirates. He moved to Spain in January, with Gabriel Paulista going permanently in the other direction that time.
With Francis Coquelin playing so well for the North London club since returning from a loan at Charlton Athletic in December, it had been wondered whether manager Arsene Wenger would resist reinforcing the defensive midfield area. However, suggestions that Aresenal are targeting Carvalho suggest the Gunners are not completely confident with Coquelin alone.
Carvalho would be a perfect fit to play alongside the Frenchman in the middle of the park. The 23-year-old has played 40 matches for the Portuguese giants this season including matches against Chelsea in the Champions League. The youngster has also played 12 times for his country, representing them at the World Cup last summer.