Arsenal are close to announcing their first summer signing after agreeing a deal with Schalke defender Sead Kolasinac.

The Bosnian defender has declined an offer of a new deal from the Bundesliga club and will leave on a free transfer when his current contract expires on 30 June.

According to the London Evening Standard, Kolasinac has agreed a five-year deal with the Gunners after turning down advances from Manchester City, Everton and AC Milan and is expected to be confirmed as an Arsenal player on 1 July.

The 23-year-old's departure from the Veltins Arena has been expected with the fans thanking him for his contribution in the last six years with a banner which read: "Six years our crest. Thanks Seo," during their final home game of the season against Hamburg on Saturday (13 May).

Kolasinac has featured at left-back and on the left side in midfield in equal measure this season and has shown that he has an appetite for attack despite being a more defensive-minded player. He has contributed with nine assists in all competitions while also chipping in with three goals.

Arsene Wenger has switched from his traditional 4-2-3-1 formation to the more dynamic 3-4-3 formation which has seen Kieran Gibbs and Nacho Monreal deployed as wing-backs. Kolasinac's arrival is likely to put the former's place at risk with reports suggesting that he will be allowed to leave in the summer.

Gibbs will enter the final year of his contract at the end of the current season and is yet to sign a new deal. He has only managed 10 appearances in the Premier League this season and with Kolasinac arriving, it is likely that he will look to move to a club that can guarantee him regular first-team football.

Sead Kolasinac
Sead Kolasinac is expected to join Arsenal on 1 July when his contract with Schalke expires Reuters

Wenger's future at Arsenal also remains uncertain with his contract expiring in the summer. But the French coach made it clear that it will not affect his job, which involves not only completing this campaign, but also planning for the future of the club.

"Do I stay two months or 10 years? I plan," Wenger said earlier in the year, as quoted by Sky Sports. "I do my job exactly the same. Of course you can do that."

"Of course [transfer targets will ask if I will be at the club], but we are always honest. Arsenal is a world brand today, respected all over the world. The Arsenal name is bigger than my name and coming to Arsenal is more important - you don't come to Arsene Wenger, you come to Arsenal," the Frenchman explained.