Arsene Wenger's pursuit of Real Madrid striker Gonzalo Higuain has stalled, while the Spanish giants hunt for a replacement for former manager José Mourinho. The nine-time European champions released the Special One two weeks ago.

However, Florentino Perez, who has recently been re-elected president of Real Madrid, has yet to decide on the new manager. Former Chelsea and AC Milan boss Carlo Ancelotti is the odds-on favourite but the present Paris St Germain (PSG) manager has so far not been released by the Ligue 1 champions.

Gonzalo Higuain

It is understood that the Parc des Princes club are looking for a replacement themselves and are unwilling to release the Italian until they locate his successor.

Meanwhile, this manager merry-go-round could have an adverse impact on the Gunners' summer transfer plans. The north London side are believed to be firm on signing Higuain this summer, with the Guardian claiming Wenger will break the club's transfer record to sign the 25-year-old striker.

Higuain, who scored 16 goals and created five more from 19 La Liga starts in the 2012/13 campaign, has been valued by Perez in excess of €30m. Incidentally, the Mail Online linked the Argentine with a €41m bid from Manchester City and Chelsea last summer.

If Arsenal are unable to sign Higuain, Wenger is reportedly also monitoring Fiorentina striker Stevan Jovetic and Manchester United's Wayne Rooney. However, according to the Express, the race for Higuain could be complicated by the presence of Serie A champions Juventus. The Metro states Jovetic will likely reject the Gunners; Rooney, the report adds, may opt to stay with United.

Sir Chips Keswick Appointed Arsenal Chairman

In other news, Sir Chips Keswick has taken over as Chairman of Arsenal Football Club. Peter Hill-Wood has resigned citing ill health. The 77-year-old Hill-Wood is recovering from a heart attack.

"This has been a difficult decision as Arsenal Football Club has been a huge part of my life. Although I am feeling better I feel this is the right time for me to stand down. I would like to thank our majority owner, Stan Kroenke, for the respectful and dignified way he has handled this and I know Sir Chips is the right person to take the club forward," Hill-Wood told

"I am greatly honoured to have been appointed chairman of Arsenal Football Club. This is one of the great clubs in the game. I am looking forward to leading the club to future success," Keswick said on his appointment.