Arsenal are locked in a three-way race to sign highly-rated Benfica striker Rodrigo, with Zenit St Petersburg understood to have already lodged a €30million bid, according to Portuguese newspaper O'Jogo.
The 22-year-old is also attracting interest from Valencia, following an impressive first half of the season, during which time he has netted 10 goals in all competitions for Jorge Jesus's side.
Gunners boss Arsene Wenger has been credited with an interest in bringing the former Real Madrid youth player to the Emirates Stadium, having made clear his desire to add a new striker in January.
However, Arsenal are unlikely to match Zenit's offer, and will look to capitalise on the Primeira Liga giants' precarious financial situation, by making a cut-price bid.
After dropping out of the Champions League, numerous Benfica players have been linked with a move away from Estadio da Luz, with Nemanja Matic the highest profile star to leave this month.
Rodrigo isn't thought to be keen on a switch to Russia though, and will hold out for an offer from Spain or England, two countries that he is more familiar with, having also previously enjoyed a loan spell in the Premier League with Bolton.