Arsenal are 'heading towards agreeing a deal' which would see Shakhtar Donetsk star Mykhaylo Mudryk arrive at the Emirates Stadium next month, CBS reporter Ben Jacobs has told GiveMeSport.
The Gunners are flying high at the top of the Premier League table, but boss Mikel Arteta is still looking to strengthen his squad during the January transfer window.
GiveMeSport Transfer Update
Arsenal transfer news - Mykhaylo Mudryk
According to The Telegraph, Arsenal have upped the ante in their pursuit of Mudryk by lodging a formal bid.
The report suggests the north Londoners have tested Shakhtar's resolve by submitting a proposal worth £55million, including add-ons, ahead of the winter window opening for business on January 1.
However, transfer guru Fabrizio Romano has claimed the Ukrainian giants want significantly more cash and discussions are set to take place with Mudryk's representatives about a potential deal as he wants to head to the Emirates Stadium.
The winger posted on social media that he was watching Arsenal's 3-1 win over West Ham United on Boxing Day, further fuelling speculation that he is eager to complete the switch.
Jacobs recently told GiveMeSport that Mudryk's 'number one choice' is to join the Gunners during the early stages of 2023.
What has Ben Jacobs said about Mudryk?
Jacobs understands that Arsenal could strike a deal by putting forward a proposal which involves Shakhtar receiving an increased upfront fee.
The journalist feels all signs are pointing towards Mudryk linking up with the Premier League's table-toppers next month, but he warns they could pull out of the running for his signature if his valuation is not lowered.
Jacobs told GiveMeSport: "Through a combination of things and a preferable structure as well, where Shakhtar get more of the money up front, they'll feel like, potentially, they're getting closer to the number they want and Arsenal will feel like they're still getting Mudryk at market value.
"This is all heading towards Arsenal agreeing a deal. But because it's Arsenal and perhaps not other clubs like Chelsea, for example, I still do feel that if Shakhtar continue to insist on crazy money, then Arsenal will walk away."
Read more: January Transfer Window 2023: When Does It Begin, Rumours and Everything You Need To Know
What is Mudryk's price tag ahead of the January window?
According to The Athletic, Shakhtar are seeking £88million for their prised asset, but there is confidence among Mudryk's suitors that an offer worth less than that figure could do the trick.
What will make it difficult for Arsenal to sign the 21-year-old for significantly less is the fact he is coveted by so many clubs.
Manchester City, Newcastle United, Paris Saint-Germain, Brentford, Everton and Bayer Leverkusen are also known to be admirers of Mudryk, so Shakhtar could look to instigate a bidding war.
His contract is not due to expire until the end of 2026, making it even more difficult for Arsenal to rubber-stamp a switch as the Ukraine international's current employers find themselves in a strong negotiating position.
With that being the case, it would not be surprising if the Gunners have to be patient before finally acquiring Mudryk's services.
You can find all of the latest football news and rumours right here