Arsenal have agreed a club record £17m deal with Valencia for Juan Mata and submitted an increased £13m bid for Everton's Phil Jagielka, according to reports this morning.
Arsene Wenger has also informed Barcelona president Sandro Rossell to meet the club's £40m valuation of captain Cesc Fabregas by 5 August or to forget about signing the midfielder.
The Frenchman is keen to resolve the Fabregas situation before Arsenal's opening game away at Newcastle on 13 August. The Gunners have already rejected two bids from Barcelona this summer, with the European champions yet to meet the club's £40m asking price.
But Wenger has moved swiftly to identify a replacement for Fabregas should the 24-year old try to force through a return to the Nou Camp. Reports today suggest a £17m deal has been agreed with Valencia over the transfer of Spain international Juan Mata.
Although Mata, a left-sided midfielder, is not a direct replacement for Fabregas the 23-year-old can play in a central position.
Wenger has experimented in pre-season with Samir Nasri in the advanced central midfield role usually occupied by Fabregas, hinting at a fresh tactical outlook for the new campaign.
Mata is one of the most sought-after players in Europe after a series of impressive performances at the Under-21 European Championships in June. Valencia are, understandably, reluctant to sell the winger. But technical secretary Bralui Vazquez admitted he could not rule out the possibility.
"We have a back-up plan in case Juan leaves," he said.
"That's not just the case for Juan, though. We have a plan like that for every player. We have to be prepared if something happens."
The signing of Mata remains a less immediate priority for Wenger, with the recruitment of a new centre-back vital, regardless of who leaves.
Wenger has launched a fresh attempt to sign Everton defender Phil Jagielka, after he had a £10m bid rejected last week.
Reports today suggest the Gunners are prepared to spend as much as £15m on the England international but the two clubs are still in negotiations, with Everton valuing the 28-year-old at closer to £18m.
Meanwhile, Nicklas Bendtner is close to agreeing a £9m move to Sporting Lisbon, according to the Metro.
The Denmark international is currently in Portugal to discuss personal terms with the Premeira Liga club.