Arsenal have agreed a fee with Valencia over Juan Mata, according to the Sunday Mirror.
Spanish football correspondent Guillem Balague told talkSPORT the same thing, although neither Arsenal or Valencia have confirmed that the reported £17 million deal has been done.
The news comes on the same day that Harry Redknapp told The Guardian online that Tottenham Hotspur were also keen on bringing the Spaniard to north London.
Redknapp is reportedly considering a deal for the playmaker amidst speculation that Chelsea could be preparing a new and improved offer for Luka Modric.
Spurs have vowed to fight to keep the Croatian international at White Hart Lane after rejecting an initial £20 million bid for the player, but Ron Gourlay confirmed the Blues will be considering another bid for Modric.
Arsenal are also looking to strengthen their squad also, with Wenger confirming they would need to buy in the window should skipper Cesc Fabregas or Frenchman Samir Nasri leave the club.
The pair have been consistently linked with a move away from the Emirates this summer, but the manager is eager to keep the pair with the Gunners if possible.
However, 23-year-old Mata could serve as either a replacement or, more preferably, a player to add strength-in-depth to Arsenal for the forthcoming campaign.
Failure to win either of their Emirates Cup games this weekend may have also left the Arsenal boss looking to the transfer market, and the signing of Mata would be a coup for the club given additional interest from clubs across Europe.