Real Madrid are waiting on Vinicius Junior. The Brazilian star has yet to respond to their improved contract offer, and Arsenal are circling should the talks stall.
According to the British newspaper "Daily Mail", Real Madrid have tabled a fresh deal worth more than £19 million a year.
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Jose Mourinho has made his position plain. Real Madrid's manager confirmed the 26-year-old is central to his sporting project, and that backing has only stiffened the club's resolve to keep him.
That confidence took a knock on Wednesday evening. The Brazilian wiped every post from his Instagram account, sparking a fresh wave of speculation.
Clearing out social media is hardly unheard of in football, and it can mean plenty of things. More often than not, though, fans read it as a sign that a player is unhappy at his club.
Arsenal, meanwhile, keep watching the situation closely, ready to pounce if the renewal talks hit the buffers.
Yet reports suggest Real Madrid have grown more confident of holding off the Gunners, particularly after Mourinho's public backing for the player to stay.
Mikel Arteta, for his part, sounded upbeat about landing more deals. Arsenal have just signed Greek forward Christos Tzolis from Club Brugge for £34 million.