Arsenal are in pole position to land Benfica striker Rodrigo after La Liga outfit Valencia pulled out of the race to sign him, reports talkSPORT.
It had previously been reported that Valencia were set to be taken over by Singapore businessman Peter Lim, who had given the club the green light to spend £40m on new players.
However the potential takeover appears to be off, meaning the club will not continue their pursuit of Rodrigo.
It appears that Arsenal now lead the chase for the player's signature, despite Zenit St Petersburg also in the hunt for the forward's services.
It remains to be seen as to whether Arsenal will make a bid for the star in this current transfer market, however many Gunners fans will be desperate to see a new striker arrive at the Emirates before the close of the window.
Arsenal currently only have Nicklas Bendtner as back-up to No.1 striker Olivier Giroud and the Gunners could yet make a signing before the end of the month.
Arsenal's immediate attention will turn to their FA Cup fourth round clash with Coventry City at the Emirates tonight.