Zenit St Petersburg have joined Arsenal in their reported pursuit of Palermo midfielder Josip Ilicic as the Serie A club prepare to cash-in on their prized asset in the summer transfer window following relegation.

According to talkSPORT, Arsenal are monitoring the situation of the highly-rated Slovenia international, but could be outbid in their apparent chase by big-spending Russian giants Zenit.

The St Petersburg club demonstrated their financial clout during the summer transfer window with the high-profile acquisitions of Hulk and Axel Witsel, although Ilicic would be available for a reduced fee given Palermo's financial position.

Arsenal are reported to be in the market for reinforcements in midfield and Ilicic could provide Arsene Wenger with the some added creativity and goals, given his 10 strikes in 31 league appearances for Palermo this term.

The Gunners have also been linked with moves for former captain Cesc Fabregas and ex-holding midfielder Alex Song - both of Barcelona - during the summer transfer window, although forward acquisitions are likely to be a priority for the north London club.

Arsenal are already reported to have entered into talks with Fiorentina regarding the signing of Stevan Jovetic, while the likes of Robert Lewandowski and Edin Dzeko have also been mentioned as targets for Wenger.

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