Arsenal's representatives have flown to Valencia to meet with Spanish keeper Vicente Guaita in the hopes of thrashing out a deal in the coming days, according to reports in Spain.
Guaita has become an integral part of Valencia's line-up in recent seasons, having moved through the side's youth system into the senior line-up in 2008.
At the age of 26 he has many years of potential success ahead, and in the hopes of finding more depth in Wenger's backline, Superdeporte.es is claiming that the manager has set his sights on landing Guaita.
Arsenal are yet to sign any senior players for the squad this summer, having brought only Yaya Sonogo into the squad so far.
Supporters were so angry at the situation that they sang for Wenger to spend more money as the Gunners fell down to Aston Villa 3-1 at the weekend, marking for a nightmare start to their 2013/14 campaign.
One of many positions that the manager will need to work on before the close of the transfer window is the keeper - Wojciech Szczesny was far from convincing last season and Wenger left him on the bench on a number of occasions in favour of Lukasz Fabianski.
While numerous keepers appeared to be available in the transfer window who could offer a top reputation and Premier League experience, including the now Liverpool-bound Simon Mignolet and QPR's Julio Cesar, who is still looking for a destination after his side were relegated, it would appear that Wenger has decided to go with a young player who will be full of potential for the future rather than being able to offer top-class performances in the present.
This would no doubt be a controversial move as fans continue to wait for the Frenchman to make a big-name signing.