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Arsenal are set to make an audacious move for Diego Costa.

The 25-year-old Atletico Madrid star has a £31million release clause in his contract and Chelsea are the hot favourites to sign the Brazilian-born Spain international.

Costa helped put Chelsea out of the Champions League when he scored a penalty in the 3-1 second leg win at Stamford Bridge last Wednesday.

It ensured an all-Madrid final in Lisbon on May 24 after Real demolished current holders Bayern Munich.

Chelsea manager Jose ­Mourinho has made no secret of his ambition to reinforce his front-line during the close season and Costa is at the top of his list.

But Arsenal are also keen and will move in if the move to Chelsea stalls.

Gunners’ manager Arsene Wenger has admitted he wants a player who can play either in place of Olivier Giroud or alongside the Frenchman.

The price would not deter Arsenal who were willing to pay £40m-plus to prise Luis Suarez from ­Liverpool last summer. Ahead of the clash this afternoon with West Bromwich Albion at The Emirates, Wenger said of Giroud: “Maybe we have over-played him at some stage.

“There is perhaps room for an attacking player who can play in a different position to Giroud. Someone who can play with him as well. But I do not know yet who will be on the market.”

(Image: Getty)

Costa would fit the bill, but Chelsea are clearly in pole ­position to sign him.

Click here to read: How Diego Costa would fit in at Chelsea.

Wenger could also move for another Atletico Madrid player called Diego – Diego Ribas da Cunha.

The 29-year-old is out of contract at the end of the season. He is on a loan deal in Madrid from German club Wolfsburg.

His deal expires in June and Wenger checked him out while Diego was at his previous club Werder Bremen.

The creative attacking midfielder has played a huge role in Atletico’s rise to within touching distance of the La Liga title in Spain as well as the Champions League final. When injuries deprived Wenger of Aaron Ramsey, Santi Cazorla and Jack Wilshere this season, Arsenal were short in midfield. Diego would add to his options.

As Arsenal close in on a ­fourth-place finish, Wenger made it clear he will adhere to the policy of attacking, attractive ­football that he introduced at the club.

(Image: Getty)

“A style is a long-term plan,” he said. “We will play to our strengths.”

And he also stressed that he will field a strong team at Carrow Road in a week’s time even if fourth place is secured and with the FA Cup final against Hull to come six days later.

Relegation-­threatened Norwich will be hoping to face a shadow team but they will be disappointed.

“Our target is to reach the maximum points that we can,” he said. “And that will be the same no matter what the result is against West Bromwich.

“As Arsenal Football Club, we have a responsibility to be fair.”