Arsenal will begin the bidding for Crystal Palace wantaway forward Wilfried Zaha with a £40m bid, according to the reports.
The North London club are one of a number of teams believed to be in the running to secure the services of the Ivory Coast international, along with Bayern Munich, Borussia Dortmund, Tottenham Hotspur and Manchester United.
Ivory Coast international forward has targeted a move away from Selhurst Park to play in the Champions League football, but the Eagles are believed to be reluctant to sell for anything less than £80m for their star player.
The Sun reports that the Gunners are only willing to pay half that figure, though, and the Eagles are expected to swiftly turn down the offer.
However, it is also reported that Unai Emery’s side could potentially offer Carl Jenkinson, Callum Chambers and Reiss Nelson in part-exchange for any deal involving the Ivorian forward.
Meanwhile, Arsenal are stepping up their pursuit of Argentina and Gremio defender Walter Kannemann as Unai Emery plans to strengthen their defensive end ahead of the next season.
The North London club are hoping to offload German centre-back Shkodran Mustafi to AC Milan, however, will only have transfer budget around £40million for new players if they fail to claim the Europa League trophy and secure place in the Champions League football next season.
That means they will have to get creative in the transfer market, and that has led them to turn their attention to Kannemann, who has impressed in recent campaigns and earned a spot in the national team.