Arsenal look likely to miss out on Brazilian starlet Bernard. (Reuters)

Arsenal's hopes of signing Brazilian international Bernard are fading fast after Atletico Mineiro's president revealed the club have accepted a bid from Shakhtar Donetsk for the winger.

The highly-rated 20-year-old would appear to be poised to leave his homeland after winning the Copa Libertadores with Mineiro last week, their first ever success in the prestigious competition.

Bernard's father revealed yesterday that Arsenal were keen to take his son to the Premier League, while Porto's interest in the youngster has intensified after it was revealed Brazil international Hulk had advised his young international team-mate to move to the Portuguese champions.

However, both Arsenal and Porto may have already been trumped by the efforts by Ukrainian champions Shakhtar, who have agreed a reported fee of £22m for Bernard with Atletico Mineiro, although no personal terms have been agreed as of yet.

"It is Shakhtar," the Brazilian club's president said. "They have reached the price we want. If he (Bernard) wants to go, he'll go."

Comments made by Bernard's father have also indicated that Porto is the youngster's favoured destination, seemingly leaving Arsenal at the back of the queue in the race to sign the coveted Brazilian.

The Gunners have already seen high profile targets bypass them this summer and will be determined to ensure it doesn't happen again. Arsene Wenger missed out on Argentine striker Gonzalo Higuain earlier this month when Napoli met Real Madrid's valuation of the 26-year-old, bringing him to Serie A for a reported £32m plus add-ons.

Stevan Jovetic, who had been persistently linked with a move to the Emirates over the past year, is another who is now unavailable having completed his move to Manchester City.

Luis Suarez remains the club's primary target as Wenger attempts to add a world class striker to his squad, but having already seen two bids rejected by Liverpool, the club are no closer to adding to their ranks following the arrival of 20-year-old Yaya Sanogo from Auxerre.