Arsenal have an eye on Real Sociedad midfielder Asier Illarramendi, according to the Mail Online. The Spain U21 international, presently with the national team for the European U21 Championships, has been rated at £10m, according to the report.

Asier Illarramendi (R)

Illarramendi has also attracted attention from nine-time European champions Real Madrid, who are believed to be considering the 23-year-old as a long-term replacement for compatriot and full international Xabi Alonso.

Unfortunately for Arsenal, Spanish newspaper El Confidencial, who confirmed the Santiago Bernabeu club's interest in the Basque youngster, believes Sociedad will enforce the full €30m fee that is Illarramendi's release clause. The youngster is contracted to the Basque club until 2018, meaning that if the Gunners are serious about their target, Wenger will have to absolutely shatter his infamous tight-fisted transfer policy.

As far as fans are concerned though, Illarramendi's potential arrival will see him joining fellow Basque Mikel Arteta in the centre of the park at the Emirates. The north London side have, famously, yet to replace holding midfielder Alex Song. The Cameroonian transferred to Spanish champions Barcelona last summer.

Other central midfield options for Arsenal include Everton's Marouane Fellaini, Celtic's Victor Wanyama and Toulouse's Etienne Capoue.

Meanwhile, Arsene Wenger is expected to move closer to the signing of Real Madrid striker Gonzalo Higuain, with a £22m deal believed to be acceptable to both clubs.

Arsenal and Liverpool Chase West Brom Prodigy

Meanwhile, Liverpool have joined Arsenal in the race to sign 14-year-old Yan Dhanda. According to the Mail Online, the teen (who wears the No 10 shirt) was spotted at a youth tournament - the Asian Star - hosted by Chelsea.

It appears Dhanda has impressed even the FA, with the national team's youth coaches inviting him to a training camp with the England U16 side.

The Reds signed another of the Baggies' more promising youngsters last year, when 16-year-old Jerome Sinclair moved to Anfield. The England U17 striker was a part of the Merseyside club's squad for the NextGen Series 2013 and he impressed Brendan Rodgers enough to be given a chance in the first team - ironically against West Brom, in a cup match - in September.

Sinclair is now the youngest ever player to represent the Liverpool first team.