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Arsenal are close to completing a deal for Bologna defender Riccardo Calafiori and they will quickly move on to another of their top summer targets once the Italian is confirmed.

The Gunners are gearing up for another Premier League title challenge, having lost out to Manchester City in the last two seasons, and Calafiori was their top transfer target to bolster Arsenal’s defence this summer.

But despite links with a move for PSG man Fabian Ruiz if they sign Joao Neves, transfer expert Fabrizio Romano says his fellow Spanish Euro 2024 winner remains a key target at the Emirates Stadium and someone manager Mikel Arteta is very interested in signing, with his price tag set at £21m. La Liga sides Atletico Madrid and Barcelona have both been credited with an interest.

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Roman wrote to Caught offside: “It’s finally Riccardo Calafiori’s turn at Arsenal – the player is in London, everything is fine between Arsenal and Bologna in terms of the exchange and sending all the documents, they are signing the contracts and then Calafiori will do his medical in London.

“Calafiori will then travel to the US to join Mikel Arteta’s squad and sign his contract until 2029, with no option for a further season beyond that. He is set to earn €4m per season as a new Arsenal player, so it’s all set to happen.”

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Discussing his next move, Romano continued: “After that, Arsenal will focus on Mikel Merino. Arsenal have been in talks on the player side and are prepared to attack the situation from the club side as well, once they have completed the formal part of the deal with Calafiori.

“There is still no official offer from Arsenal to Real Sociedad, while we also know of interest from Spanish clubs Barcelona and Atlético de Madrid.

“Still, Arsenal are preparing their move, with Merino remaining high on the Gunners’ list as they prepare to focus on strengthening their midfield, although he is not the only one being considered. Merino is one of the names they are keen on, and so we will have to see how the talks with Real Sociedad go.”

Adding more substance to the X, formerly Twitter account, Romano continued: “Arsenal are prepared to progress negotiations with Mikel Merino’s camp next week following positive contacts.

“He is not only a name on the list, but he is also well positioned; Real Sociedad’s asking price will be key.

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“Arteta appreciates him; once ESR leaves, Arsenal can move on.”

So far, the Gunners have only brought in David Raya this summer, paying Brentford £27m to turn his loan last summer into a permanent deal.

However, with the transfer window about to enter its final month, the Gunners are ready to add more reinforcements to their squad and provide Arteta – who was personally behind Merino’s transfer – with more signings to hopefully ensure they can go one better than last season’s second-placed finish in the Premier League.

Merino, 28, scored a crucial goal to help Spain achieve summer glory, netting an extra-time header in their quarter-final with Germany. He would also return to the Premier League with a point to prove after a mixed and short spell at Newcastle United in 2017/18.