Cesc Fabregas
Fabregas left Barcelona in 2003. REUTERS REUTERS

Arsene Wegner is set to receive £60m in transfer funds after the sales of both Cesc Fabregas and Samir Nasri edged closer to completion last night.

Barcelona are confident they will secure Fabregas's signature before the weekend after returning with a new offer on Wednesday, believed to be around £35m. While Manchester City were last night confident of completing the signing of Nasri before the weekend, with sources in France suggesting a deal in the region of £23m was imminent.

Arsenal are yet to receive any formal offers for either player but a conclusion to Fabregas's protracted transfer saga neared a conclusion on Wedesday after the London side indicated their willingness to reduce their asking price.

Negotiations with Barcelona have been ongoing for some time, with Arsenal's £40m valuation a sticking point for both sides. However, the club will now allow the deal to go through for less than they wanted after Fabregas, 24, indicated his willingness to forgo around £4m in compensation - which the Spaniard will be due from the remaining years of his contract if he is sold - in order to force through a deal.

Reports suggest a fee of £25.4m, with a further £5.3m in performance related add-ons, has been agreed, with Fabregas's personal terms expected to be a formality.

Arsenal's captain has not featured in any of the club's pre-season games, while Nasri, 24, has entered the final year of his contract and has refused to sign a new deal.

The French international could leave on a free transfer next summer and will be allowed to leave should Manchester City meet the club's £23m valuation.

Wenger said last month that Arsenal could not be considered as a "big club" should they lose both Fabregas and Nasri this summer.

However, the Frenchman has subsequently acknowledged that retaining both players against their will is impossible and will turn his attention to identifying replacements before the end of August.

A senior source at the club told BBC Sport that all funds generated by the sales will be reinvested in new players, with almost £60m potentially available to spend before the transfer window shuts in three weeks time.

Wenger's first priority remains a new centre-back. The Frenchman has already had a £12m bid for Everton's Phil Jagielka rejected, while Bolton's Gary Cahill and Birmingham's Scott Dann have also been linked with the club.

Arsenal supporters have put significant pressure on the French manager to end their long wait for silverware. After last season's failure the club have now gone six seasons without a trophy.

The club have already brought in Gervinho and Alex Oxlade-Chamberlain this summer but a marquee signing is now a possibility with this latest windfall.

A bid is expected for Valencia's Juan Mata, while Lille's Eden Hazard and Marseille's Mathieu Valbuena have also been linked with the club this summer.

With Nicklas Bendtner set to leave, Wenger is keen to bring in other strike options to support Robin van Persie and Marouane Chamakh.

Wenger retains an interest in Real Madrid forward Karim Benzema, although the French international has stated his desire to stay and fight for his place at the Bernabeu.

Another option is FC Twente's Bryan Ruiz, but the Gunners face a battle with Tottenham to secure the player's signature.

The 25-year-old has a release-clause of £13.75m and can play anywhere along the front line.