Arsenal have reportedly agreed an initial €80m (£68.6m) deal with Fiorentina for the transfer of Dusan Vlahovic.
The 21-year-old has been in impressive form for his Italian club during the 2021-22 campaign, scoring 10 times in 12 appearances, including eight goals in 11 Serie A outings.
Tottenham Hotspur and Manchester City were both strongly linked with the Serbia international over the summer, but the transfer market closed with the striker still at Fiorentina.
Vlahovic has thus far rejected the chance to sign a new deal with his Serie A side, though, and he is expected to leave either in January or during next summer's transfer window.
According to Italian journalist Gianluca Di Marzio, Arsenal have reached an agreement with Fiorentina, with the Gunners prepared to meet La Viola's €80m (£68.6m) asking price.
Di Marzio, though, claims that the North London club are yet to agree a deal with Vlahovic, who is also believed to be a leading transfer target for Juventus.
The Serbian has scored 39 goals and registered five assists in 96 appearances for his current side in all competitions since arriving from Partizan in July 2018.
