Arsenal are hoping to complete the signing of Santi Cazorla from Malaga, with the midfielder having already met his new team-mates.
Cazorla has passed a medical with the Gunners but the deal has been complicated by Malaga's financial problems and a possible takeover of the La Liga club.
The Gunners are hopeful that a deal will still go through in the next 48 hours.
A fee in the region of £17million had been reported in the past 24 hours, but according to the Daily Mirror, various add-ons could take the figure up to £20m.
According to Saturday's report, the 27-year-old has agreed a four-year contract worth £70,000-a-week.
Arsenal boss Arsene Wenger is hopeful that Real Madrid midfielder Nuri Sahin will join Cazorla at Emirates Stadium next week.
Madrid coach Jose Mourinho has revealed is ready to let the 23-year-old, who failed to hold down a place in his starting line-up last season, leave the Bernabeu this month.
"He’s a young boy, he wants to play every match," he said.
"He wants to be happy to play, he wants to play to be happy, and in Real Madrid with Xabi Alonso, with [Sami] Khedira, with Lassana [Diarra], [Esteban] Granero, [Mesut] Ozil, the situation is not easy."
Mourinho also said the decision of whether Sahin leaves Los Blancos will be down to the player himself.
"Real Madrid is very difficult. It is not an easy club, because we demand a lot.
"We have great players, and when you don’t start well, it is difficult to do it.
"If he stays, he’s not a problem for me, he’s one more solution. We leave [the situation] in his hands."
Sahin will likely join the Gunners on a season-long loan deal.