AC Milan are set to do serious transfer business with Premier League side Arsenal this summer, as they discuss the options for striker Mario Balotelli.

The Gunners are reportedly very interested in signing the former-Manchester City man and could be willing to pay up to £27million for the Italian, which would make him the club's second-highest transfer fee in history. However, Arsenal may be able to sign the 23-year-old for much cheaper if they are willing to do business and offer a player as part of the deal, according to the Metro.

Reports have broke today suggesting that Milan are interested in signing Gunners youngster Joel Campbell, who impressed for Olympiakos last season and put in a brilliant display against Uruguay for Costa Rica in the World Cup at the weekend.

Campbell, who spent the whole of last season on-loan away from Arsenal, sprung into the headlines after he scored a wonder-goal against Manchester United in the Champions League, and he enhanced his reputation by starring in Costa Rica's shock 3-1 victory over Uruguay.

After the game, Arsene Wenger admitted that he is ready to give the 21-year-old a chance to shine at the Emirates Stadium by keeping him at the club for the upcoming season, but he now may be tempted to use him as bait for Balotelli.

The Gunners are desperately searching for a new striker after they were left heavily relying on Olivier Giroud last season, and according to numerous reports, a deal for Balotelli is in place and talks are ongoing. News broke yesterday that the north London club are prepared to make the Italian their highest-paid player by offering him a contract of around £180k-a-week, eclipsing Theo Walcott's deal of £100k-a-week.

Despite being prepared to pay £27million for Balotelli, Arsenal could end up getting him even cheaper if they are willing to part ways permanently with Campbell, but no news is expected to be announced until July.

The reason behind this is because Puma, the new sponsors of Arsenal's kits, do not want to announce any new signings until their new kits have been released.

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