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Arsene Wenger is closing in on a £20million deal for Gonzalo Higuain after holding further talks with the Real Madrid striker.

Real president Florentino Perez has made it clear that Higuain is free to leave, and the Argentinian’s name has been circulated among Europe’s top clubs.

Arsenal boss Wenger is believed to have met Higuain and his father Jorge, who is also the 25-year-old's agent, in Paris, and they have now held further discussions about a potential move to the Emirates.

Higuain is high on Arsenal’s striker hit-list and the club have stacks of new cash to spend on A-list signings - as spelled out earlier this week by chief executive Ivan Gazidis.

World Cup star Higuain definitely fits into that category and, even though Arsenal face strong competition from Juventus, his signing could be an easier deal for them to get done than other options.

Higuain even admitted this week: “Arsenal? They would suit me. I’m still young and I have goals.”

Arsenal are monitoring developments on Manchester United’s unsettled Wayne Rooney, but would face competition from Chelsea, Paris Saint-Germain and Monaco.

Despite watching him for months, Arsenal’s interest in Fiorentina’s Stevan Jovetic - who Chelsea are also in for - has faded.

Barcelona’s David Villa is also available, but Higuain is younger than the 31-year-old Spain international and more of a long term option.

Higuain's father admitted this week there has been contact from Arsenal and Italian champions Juve, and clearly it is a deal which interests Wenger greatly.

Manchester City tried to lure Higuain to the Premier League late in last year's summer window but could not get the deal over the line.

Arsenal would have to pay around £20m for Higuain and it would be possible to agree on his personal terms as he's on £130,000-a-week at the Bernabeu.

Jorge Higuain said: “Madrid will want to sell. Juventus or Arsenal? I guess he has spoken with them.

“The clubs first have to talk to Madrid and in direct negotiation. Higuain currently has three years left on his contract.”

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Elsewhere, Arsenal also have an interest in Everton’s Belgian midfielder Marouane Fellaini but, contrary to reports, have yet to test his £22m buy-out clause and will have to discover if he would be keen on joining them.

They have held talks with QPR keeper Julio Cesar, who is available on the cheap to get his £70,000-a-week contract off the Hoops' wage bill following relegation, but have also looked at Sunderland’s Simon Mignolet, Asmir Begovic of Stoke and Hamburg No1 Rene Adler.

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Arsenal are keen on Freiburg’s emerging talent Matthias Ginter, 19, who can operate in defence or midfield, but are facing strong competition from Borussia Dortmund.

Wenger is also confident on tying up a deal for Lyon midfielder Clement Grenier, 22, and may be willing to use Gervinho as part of an £8m deal.

But Marseille are also keen on Ivory Coast forward Gervinho, whose unpredictable form has left Wenger considering whether to cut his losses.

Napoli, meanwhile, remain interested in Thomas Vermaelen, Arsenal’s unsettled centre-back and captain.

To hear more on Arsenal's transfer window options, click here to watch our man John Cross discuss it all with Darren Lewis in a Football Spy special.