Arsenal are looking to take advantage of Barcelona's poor financial situation by stealing one of their current players, who isn't actually at the club permanently.
While the Gunners added Declan Rice, Kai Havertz, Jurrien Timber and David Raya to their squad in the summer, Mikel Arteta still wants extra quality in order to compete for the biggest honours in England and in Europe.
One player has caught Arsenal's eye in their search, with a potential deal made easier due to his availability and seeming lack of competition.
According to Spanish outlet Sport, Arsenal are prepared to match Manchester City's £45m valuation of Joao Cancelo next summer, despite Barcelona's desire to sign the Portuguese full-back on a permanent deal.
Since arriving on loan at Barcelona, Cancelo has been an integral member of Xavi's squad. He has started 15 of a possible 16 games so far this season, contributing three goals and two assists in that time as well.
But while Barcelona want to make his move permanent, the Catalan giants' financial plight makes a potential transfer fee difficult to conclude. La Liga slashed their spending limit considerably for this season, and will continue to do so until Barcelona address their over-spending.
As a result, Arsenal are looking to take advantage of the situation by launching a bid of their own. Last season they signed Oleksandr Zinchenko and Gabriel Jesus from Manchester City, and will look to add another of Pep Guardiola's squad to their team at the Emirates.
With his contract expiring in June 2027, Manchester City aren't willing to let the 29-year-old leave in a cut-price deal, regardless of his relationship with Guardiola. Arteta could entice Cancelo to north London, though, having briefly worked with him at Man City in 2019.
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