Arsenal will reportedly follow up their much-awaited record £22m signing of Real Madrid striker Gonzalo Higuain with an audacious £20m approach for Wayne Rooney.

Higuain is expected to finalise his move from Madrid to north London soon after Carlo Ancelotti takes charge at the Bernabeu. Once the deal is completed, the 25-year-old will become the Gunners' most expensive signing and their highest paid player.

According to the Daily Mail, Arsene Wenger will not stop with Higuain. The Frenchman now wants to partner the Argentine with Rooney; a player the club has been heavily linked ever since he fell out with Sir Alex Ferguson and the Manchester United supporters.

Wayne Rooney could join Theo Walcott at Arsenal

Despite the speculation, the Red Devils are yet to close the door on Rooney. However, Arsenal are now ready to try their luck with an initial £20m bid for the England international.

The north London outfit are also unperturbed by Rooney's high wages, as they have already decided to break their wage structure and record transfer fee to accommodate Higuain. The Gunners have also been linked with a £23m move for Everton midfielder Marouane Fellaini.

Meanwhile, the Guardian claims Rooney is very much open to staying at Old Trafford and United are willing to offer the 27-year-old a new deal.

According to the report, the forward's future will be decided following a meeting with new United boss David Moyes next week. The Scot will officially take over as manager only on 1 July, but is set to hold face-to-face talks with Rooney early, in order to determine whether the England star will be part of his plans next season.

The Mirror believes Rooney is angry at Sir Alex Ferguson's claims that he requested a transfer towards the end of last season and wants to make it clear to Moyes that this was not the case.

Arsenal, Chelsea and PSG have all been linked with a move for Rooney in last couple of months, with the Gunners remaining the bookmakers' favourite to clinch the transfer.