Barcelona will make an improved £35m bid for Arsenal captain Cesc Fabregas this week, their third bid of the summer, which is expected to finally resolve the long-running saga surrounding the Spain international.
Arsenal value Fabregas at £40m and the club have said repeatedly that any offers below their valuation will not be countenanced. However, The Independent reports that Arsenal will accept a £37m bid for the midfielder and will be allowed to leave with Arsene Wenger's approval.
The Emirates outfit have already rejected two opening offers of £27m and £31m from Barcelona but the club are expected to finally accept an improved offer closer to their £40 benchmark this week.
However, Arsenal chairman Peter Hill-Wood insists Barcelona have yet to approach the Emirates club with a new bid. Hill-Wood acknowledged that he would consider a "very good offer" for Fabregas, but told the Daily Star he is not sure how interested the Spanish champions are on signing the Gunners captain.
"I am not sure how keen they are. There are still stories in the [Spanish] press, but they don't talk to us," Hill-Wood told the paper.
"They've made one offer, which works out at around £26m, but that was ages ago.
"At the moment our situation is very straight-forward: we don't want to lose him.
"Obviously if they come up with an offer which was a very good offer we would have to think about it.
"We have told them a number of times that what they are proposing is unacceptable and yet they haven't moved on it.
"I don't approve of what they are doing, but unfortunately it seems the way of the world right now."
Arsene Wenger has a "substantial" transfer budget at his disposal, according to Arsenal chief executive Ivan Gazidis, and there is no obstruction to him spending it on a single, "world-class" player.
Gazidis validated the club's sustainable business practice, outlining that they can't always compete with the biggest spenders in the Premier League because "we don't have those kind of resources".
With growing discontent amongst supporters at the lack of big-money deals this summer, coupled with the uncertain futures of Cesc Fabregas and Samir Nasri, Gazidis made it clear that Wenger had outlined the squad's shortcomings and he had the financial backing of the club to invest in replacements.
"We still will be active in this window," Gazidis told The Guardian. "We haven't finished our business at all. We're just not conducting it publicly. We're working hard privately. We understand where the weaknesses have been.
"Financially, we're in a strong position. We have resources to spend. We're certainly not sitting there saying 'Let's hold back on our resources for some reason.' Why would we? The resources are there.
"They're not there to compete with the Manchester Citys of this world and, frankly, if they were, Manchester City would just increase their bids again. You're just never going to be able to compete with limitless amounts of money but we've got a substantial amount of money that we can invest."
Addressing those supporters who long for a big-money signing, he reiterated that Wenger, despite his history in the transfer market, was not against making a statement purchase.
"If we found an established, world-class player and we thought the economics made sense and he would add to what we could do on the pitch, then there's not philosophical objection to that," Gazidis said.
"Arsene has no point of principle to show the world that he can build his own team of young players. That's just not the way it is.
"Our fans have the right to be excited, to look forward to the season with anticipation and to expect to see top-class players and exciting things happening on the pitch. It's our goal and target to deliver all of that."
Arsenal will announce the signing of the highly-regarded Costa Rica forward Joel Campbell in the next 48 hours.
Club executive Richard Law travelled to Central America yesterday to seal a £900,000 deal for the 19-year-old.
The player's father told La Prensa Libre newspaper that Campbell would undergo a medical in Costa Rica, saying: "These tests will be in the Cima hospital and supervised by the people of Arsenal. Everything is virtually ready."
Meanwhile, Arsenal's Brazilian midfielder Denilson will spend next season on loan with former club São Paulo.
Denilson said, "I will be playing in Brazil next season as I felt that this is a good opportunity for me to play regular first-team football.
"I move away with sadness because I have so many friends at Arsenal and everyone has always been so supportive towards me."