The report has claimed that Law, who was appointed by the Gunners in 2009, is ready to secure the services of the Velez Sarsfield for £4.5 million.
Move for the future
Romero, who is just 16-years-old, is a versatile forward, who looks set for a bright future in the game, so it's not entirely surprising that the Arsenal hierarchy are looking to complete this deal sooner rather than later.
However, the same report has revealed that there are still complications over the deal, with the ownership rights of the player causing problems.
It has been revealed by the Mail that the youngster's agents, as well as his club, own stakes in him, so it remains to be seen as to whether the north London outfit can complete the deal.
Law, then, will certainly be hoping to arrive back in England with the deal completed, but it may not be so easy for the man appointed by Ivan Gazidis.
If Arsenal manage to strike a deal, then the report from the Mail has claimed that the player will remain with Velez on loan for at least two years as he continues his development in the game. This is certainly a transfer for the future.
Building something special
Ok, so Romero isn't going to be starring on the scene at the Emirates anytime soon, but fans should be excited by the prospect of eventually seeing him arrive in north London.
At the end of the day, the club's hierarchy are determined to put the foundations in place to secure long term success for the side.
Of course many will be looking towards the immediate future, and things may well take off at the Emirates over the next year or so. With the likes of Alexis Sanchez, Olivier Giroud and Co. on the scene, Wenger's side are only a couple of top signings away from potentially bringing the title back to north London.
Arsenal are set for an extremely bright future, but the success may well begin sooner rather than later as the club look to build on last year's FA Cup glory.
Arsenal fans: Are you confident your club will achieve long term success? Have your say in the comments section below!