Arsenal are hoping to blow away the competition for Real Madrid striker Gonzalo Higuain by smashing their own transfer record in order to secure the services of the prolific Argentinean.
Juventus are keen to pair Higuain with new signing Fernando Llorente but reports in Marca suggest that Arsenal are now willing to make an offer of €30m, some €8m more than the Italian champions are prepared to bid.
Real Madrid confirmed earlier this summer that they were prepared to allow the striker to leave but with three years still remaining on his contract they will be keen to get the best deal.
There are believed to have been numerous enquiries from clubs around Europe, but reports suggest that Arsenal are now leading the chase as they have presented Real Madrid with the most attractive financial proposition.
Marca reports that Arsenal will offer the €30m in one lump sum, while Juventus wanted to split the transfer fee across five instalments.
Should Madrid accept the offer from the north London club then it would be a significant moment for manager Arsene Wenger, who has spoken of his desire to make numerous signings this summer that will help the club break their trophy drought.
Higuain would become Arsenal's record signing if the deal was completed and would certainly keep supporters on side as he boasts an impressive record in Spain where he has scored 122 goals in 266 appearances.
The 25 year old has been equally as impressive when representing Argentina, firing 20 goals in 32 appearances.
However, there may well still be competition for his signature as it is expected that Juventus will also adjust their offer as they look to convince another striker to leave Spain for Turin.
With Carlo Ancelotti set to be appointed as the new Real Madrid manager within the coming days, the Italian may also have some say in what happens to Higuain so it is unlikely that a deal will be confirmed this week.