Liverpool and Arsenal appear set to miss out on Lille winger Eden Hazard.
The Belgian international has been heavily linked with a move to the Barclays Premier League after a string of fine displays in Ligue 1, with Liverpool boss Kenny Dalglish thought to be one of the leading contenders to land the player.
Arsenal boss Arsene Wenger has also been courting the player heavily, with scouts from the Emirates making several trips across the Channel to watch the player in action.
Real Madrid were also thought to be interested in signing the 20-year-old, but French daily L'Equipe report that the player will sign a new contract at the Stade Lille-Metropole and end speculation over a move.
The news will come as a hammer blow to both Liverpool and Arsenal, who had designs on bringing the youngster to their respective clubs in the summer.
Wenger had even spoke on his interest in the player as recently as January, intimating that the player would be a fine addition at the Emirates and confirming the interest of Arsenal.
The Gunners rarely spend big in the transfer market, but the announcement of bumper profits at the club last year coupled with the Arsenal manager's interest meant there was a genuine chance of a big-money deal.
Whilst Liverpool were less vocal in their interest, the player gave hope to the Anfield outfit in December when stating a move to Merseyside was of interest.
"The press have been writing about interest from Liverpool, and it is nice to hear your name being mentioned everywhere, especially with the best teams in the world," said Hazard.
If confirmation of a new long-term deal that keeps the player at Les Douges until 2016 is made at the weekend, it's likely to end the interest of Arsenal immediately.
Liverpool are also unlikely to continue their pursuit of the player, with a €23 million valuation only set to rise due to the length of the deal.
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