Arsenal have emerged the odds-on favourites to sign Everton midfielder Marouane Fellaini this summer.

The Belgium international was heavily linked to a reunion with David Moyes at Manchester United and was understood to be the Red Devils' top summer target. Chelsea were also linked to the 25-year-old but recent reports claim the Gunners have trumped their rivals and triggered the player's release clause.

Sky Bet has now fuelled the speculation further by slashing their odds on the transfer going through. The bookmakers were initially offering only 16/1 on the deal happening but those odds have now dramatically dropped to Evens, after a sudden shift in prices in the last 24 hours.

"Arsenal have been backed to sign various different players over the summer as Arsene Wenger looks to make use of a healthy transfer kitty. But it was somewhat of a surprise to see such significant stakes on them to sign Fellaini," revealed Sky Bet Football Trader Chris Spicer.

Marouane Fellaini
Fellaini could join former Everton teammate Mikel Arteta in Arsenal's centre midfield

"The towering midfielder does not seem to fit in with their footballing ethos but our punters certainly seem convinced a deal could happen," he added.

It is understood that Arsene Wenger, who is in the market for a holding midfielder to replace Alex Song, has tabled a club record offer of around £22m to land Fellaini. Arsenal are believed to have made the move on the same day that the Toffees named Roberto Martinez as their new manager.

Fellaini, who joined Everton from Standard Liege for an initial transfer fee of £15m in 2008, is known for his strength, versatility, technique and chest control. The midfielder operated in a more advanced role last season, scoring 11 goals and provided six assists.

If the Belgian eventually moves to the Emirates in a big-money move this summer, it would major signal of Wenger's intents for next season.