Gunners boss Arsene Wenger is determined to hold on to the Dutchman, with Manchester United leading the chase to lure him away, but champions Manchester City and Italian giants Juventus have also expressed an interest.
The Frenchman has been busy adding new recruits this summer, however, with the introduction of German international Lukas Podolski, France striker Olivier Giroud and £18 million man Santi Cazorla, but can the Gunners finally put an end to their seven-year trophy drought?
Meanwhile, over at White Hart Lane, new manager Andre Villas-Boas has been working hard to stamp his mark on Spurs with the capture of Eredivisie Player of the Year Jan Vertonghen and Gylfi Sigurdsson, who impressed on loan at Swansea last year.
The former Chelsea boss is also reportedly trying to secure the services of Emmanuel Adebayor on a permanent basis, while he is also tracking the progress of Internacional striker Leandro Damiao in an attempt to secure Champions League football this season.
Spurs would have competed in Europe's top competition in this campaign had it not been for Chelsea's success last year in Munich, and Stamford Bridge has been a hive of activity with new manager Roberto Di Matteo at the helm.
He beat a host of top-flight clubs to secure the signature of another highly-rated Belgian, Eden Hazard, who joined for a staggering £32m. He was also joined by brother Thorgan, former Werder Bremen winger Marko Marin and Brazil's Olympic star Oscar.
But will Chelsea prove to be a genuine threat to Manchester City's crown?
The champions have been relatively quiet this summer, with Jack Rodwell moving to the Emirates Stadium for £15m from Everton, while they have so far been priced out of moves for Italy international Daniele De Rossi and Liverpool centre-back Daniel Agger.
New Reds boss Brendan Rodgers is keen to keep hold of the Denmark international, as he attempts to introduce his passing style of football at Anfield.
Former Roma forward Fabio Borini was Rodgers' first addition on Merseyside, while Joe Allen completed his £15m switch from Swansea to join his former manager.
Sir Alex Ferguson was criticised for not having enough midfield reinforcements after his side lost their grip on the Premier League trophy to their nearest neighbours, with injuries to Tom Cleverley, Michael Carrick and Anderson prompting Fergie to call Paul Scholes out of retirement.
Highly-rated midfielder Nick Powell made the huge leap from League Two to the top flight following his arrival from Crewe Alexandra, while Japan international Shinji Kagawa joined from Borussia Dortmund, but Ferguson is still keen on prying Van Persie away from Arsenal.
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