Arsenal have reportedly completed a deal for Argentine midfielder Ricardo Alvarez, according to Palermo president Maurizio Zamparini.
The Italian clubs were one of six European clubs in line to make a move for Alvarez and were seemingly leading the way for his signature during the January transfer window.
However Palermo's Zamparini claims Arsenal have won the race to sign the midfielder.
Zamparini said: "We were interested in Alvarez, we were very close to him in January.
"We lost him due to our mistake and I know that he has already signed for Arsenal."
If Zamparini is correct, Alvarez would represent Arsene Wenger's second signing of the summer, after the £1 million signing of Carl Jenkinson from Charlton Athletic.
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