Tottenham and Arsenal have been told by Southampton that they will have to pay £27m to land Morgan Schneiderlin during the summer transfer window.

According to the Guardian, Spurs have been leading the chase for the Saints' midfielder, with Arsenal also interested in bringing the player to the Emirates Stadium. However, the London clubs will now have to meet the hefty demands made by the south-coast club.

Mauricio Pochettino is very keen to bring the player to White Hart Lane, as he does not think current holding midfielder Sandro is capable of fulfilling the role.

It is also reported that Schneiderlin is keen to be reunited with his former manager, whom he credits for improving his performances which led to a surprise call-up to the French World Cup squad.

Similarly, Arsene Wenger wants to add Schneiderlin to the array of midfielders at Arsenal, and views him as a long-term replacement for Spaniard Mikel Arteta.

Southampton is not under pressure to sell the midfielder as they are very secure financially, especially after selling Adam Lallana and Luke Shaw for hefty fees to Liverpool and Manchester United, respectively.

Saints boss Ronald Koeman is keen to hold on to the French midfielder, whom he is sure to make a central figure in his planned 4-3-3 formation for the next season.

It is believed that Arsenal have begun talks with the St Mary's club over Schneiderlin, but value the player at about £15m: much less than the price Southampton are expecting for the midfielder.

It is claimed that the Gunners have already agreed a fee for young Saints defender Calum Chambers and now want to land Schneiderlin. However, Pochettino's close relationship with the player could give Spurs an advantage to buy his signature.