Arsenal are reportedly interested in splashing the cash on a deal for Lazio midfielder Sergej Milinkovic-Savic.
Arsenal will be looking to improve their Europa League spot next season and get back to title-competing form, or at the very least break into the top four.
Mikel Arteta has his work cut out if he wishes to compete with the likes of Manchester City and Liverpool next season, and the north London club will need to make improvements in multiple areas of the squad.
According to the Mirror, Gunner veteran Granit Xhaka has been linked to a move to Bundesliga club Bayern Leverkusen, and Arteta will therefore be looking for a strong replacement.
Reports from Italian outlet Corriere dello Sport suggest Arteta has set his sights on Lazio’s 27-year-old midfielder Milinkovic-Savic.
It is also said that Arteta will be willing to pay in excess of £42million in order to bring the Serbia international to the Emirates.
However, Newcastle, who now have some of the wealthiest owners in the world, are also seeking the signature of the Serie A star, and the Gunners fear the Magpies could trump any bid made.
That said, the Serbian may be keener to join Europa League qualifiers Arsenal than 11th-placed Newcastle, who are still some way from putting together a squad capable of competing with the established big six in the Premier League.
During his seven seasons at the Italian side Lazio, Milinkovic-Savic has featured in 294 matches across all competitions and has directly contributed to 109 goals.