Arsenal have agreed a staggering (by Arsene Wenger's standards) €47m fee for Real Madrid midfielder Mesut Ozil. And, according to the Mail Online, the 24-year-old German international is undergoing a medical in Germany, ahead of a switch to the Premier League.

The news comes after reports earlier in the day that suggested the Gunners started deadline day with an audacious bid for the midfielder, in an attempt to silence fans demanding world-class signings.

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Mesut Ozil

Ozil is presently with Joachim Low and the national team, ahead of the weekend's 2014 FIFA World Cup qualifiers, and the Gunners have agreed that the player can complete his medical outside London.

The transfer has yet to be confirmed but now appears almost certain to go through, with a net salary of €7m per year for the player. Ozil joined the Santiago Bernabeu club in 2011, from Bundesliga side Vfl Wolfsburg. The German has become a firm fan favourite in the Spanish capital, meaning Madrid president Florentino Perez will endure some stick for allowing him to leave.

However, the criticism will be offset by the unveiling of Welsh international Gareth Bale. The former Tottenham man is now the world's most expensive footballer and was formally revealed to his adoring new fans on the Santiago Bernabeu pitch.

Interestingly, alongside chants welcoming the 24-year-old to Spain, a section of Madrid's fans were also asking for Ozil to be retained at the Bernabeu. However, according to the Mail, Madrid coach Carlo Ancelotti was given a choice by Perez, following the arrival of Bale.

The Welshman cost an estimated £85m, according to the BBC, and Perez clearly needs to balance the books. The £34.5m he received from Serie A side Napoli, for Argentina international Gonzalo Higuain (and some extra for Spaniards Raul Albiol and Jose Callejon) will help but the signings of Spanish youngsters Daniel Carvajal, Isco and Asier Illarramendi cost a combined £50m, meaning a last-minute fire sale of stars is inevitable.

And Ancelotti was left to choose between Ozil and Argentine winger Angel di Maria, both of who incidentally were targeted by Arsenal. The former AC Milan and Chelsea boss appears to have made his decision.