Arsenal have offered £9.5 million plus Yaya Sanogo on loan to Spartak Moscow in exchange for Brazilian midfielder Romulo.
This is according to the Metro, who cite the Daily Express as claiming that 24-year-old Romulo has emerged as the Gunners' top transfer target - and that Arsene Wenger is confident of landing the midfielder with this latest offer.
Spartak would prefer to keep Romulo at the Otkrytie Arena, but the report suggests the Russian Premier League outfit regard the offer on the table as fair. The opportunity to bring France Under-21 international Sanogo to the club acts as an additional sweetener.
Romulo has struggled with injuries
Romulo joined Spartak in 2012, completing a £6 million from Brazilian outfit Vasco da Gama, but has struggled with injury problems since arriving in Russia.
The South American has been restricted to 18 appearances over the past one-and-a-half seasons, scoring one goal in the process, but that has not deterred Wenger from making a move for the player.
Wenger opts for Romulo over Khedira
The Gunners' boss is confident that Romulo can fulfil his potential and become one of European football's leading defensive midfielders. And because he will be a cheaper option than Real Madrid's Sami Khedira - both in terms of a transfer fee and wages - Wenger has decided to take the calculated risk of signing Romulo instead.
Arsenal are currently fifth in the Premier League table, having taken 14 points from the opening nine matches, and are already nine points behind league-leaders Chelsea.
Conceding sloppy goals has been a problem for the Gunners this season - and fans believe the lack of a top-class holding midfielder is to blame.
Romulo to take Arteta's place?
Arsenal recorded a 2-0 win over Sunderland at the Stadium of Light last weekend, but before that they went three Premier League games without a victory: drawing at home to local rivals Tottenham, losing 2-0 away at Chelsea and drawing 2-2 with Hull City.
Should Romulo arrive at the Emirates Stadium in the New Year, the Brazilian is likely to take the first-team place of Arsenal's club captain, Mikel Arteta.
The Spaniard, who turns 33 in March, is beginning to slow down - but is contracted to the Gunners until 2016.