Arsenal enter the final day of the transfer window with several deals still to complete and the possibility of one major attacking surprise before the deadline.
Andrea Berta has already overseen a busy summer, but deadline day could bring confirmation of three senior sales, a significant loan move for Ethan Nwaneri and potentially another new arrival on the left wing.
There is also the tantalising possibility of a sensational move for Julián Álvarez – a deal which could potentially involve Viktor Gyökeres moving in the opposite direction.
The departures of Gabriel Jesus, Fábio Vieira and Gabriel Martinelli now appear close to certain. Arsenal have been working to move all three players on, and completing those sales would deliver a considerable late boost to the club’s transfer budget.
Jesus and Martinelli, in particular, represent two strong pieces of business. Together, their departures would remove around £430,000 per week from the wage bill, while Martinelli is expected to bring in a fixed fee of approximately £60million. There have also been suggestions that Arsenal could retain some form of future clause as part of his deal.
Vieira’s exit would complete a substantial deadline-day clear-out. When combined with Reiss Nelson’s release, Arsenal could generate around £80 million and remove close to £600,000 per week from their wage commitments.
Arsenal are also set to earn £7million from the £40million transfer of Folarin Balogun to Everton – thanks to a 17.5% sell-on clause.
That financial flexibility could prove vital during the final hours of the window.
Ethan Nwaneri could also leave temporarily, with a loan move to Borussia Dortmund appearing increasingly likely. It would be a significant decision given his potential, but Dortmund’s reputation for developing young attacking players makes the move an attractive one.
Nwaneri has reached the stage where regular senior football is essential. Competition for places at Arsenal makes that difficult to guarantee, whereas a season in the Bundesliga and Champions League could accelerate his development considerably.
The most likely incoming deal at this stage appears to be Malick Fofana. Arsenal are reportedly in talks over the Lyon winger, with numerous sources suggesting the Gunners are exploring whether an agreement can be reached before the deadline.
Fofana would represent a gamble, but an exciting one. The 21-year-old possesses the pace and directness Arsenal would lose through Martinelli’s departure, while still having significant room to improve.
He would not necessarily arrive as the finished product. Instead, Arsenal would be betting on his potential and trusting Mikel Arteta to develop him into an elite Premier League winger. With Martinelli leaving, however, the squad needs another natural option capable of stretching opponents from the left.
The dream deal remains Álvarez.
A move for the Atlético Madrid forward is still considered possible, although it would be considerably more complicated and expensive than signing Fofana. Álvarez would provide the transformative attacking addition many supporters believe Arsenal still require.
Intriguingly, there is a scenario in which Gyökeres could move in the opposite direction as part of the negotiations.
Gyökeres has been unused in the Premier League so far this season, raising immediate questions about his role in Arteta’s squad. It would be extraordinary to see him leave so soon after joining Arsenal, but Atlético’s previous interest could potentially provide a route towards an agreement for Álvarez.
The Argentina international would give Arsenal enormous tactical flexibility. He can operate as a central striker, play from the left or work alongside another forward. He also brings proven quality, relentless movement and the experience of winning the biggest trophies in football.
Arsenal’s net spend could be little more than £50 million once their anticipated sales are completed. Combined with the huge reduction to the wage bill, that leaves Berta with room to be ambitious.
Fofana would be a fascinating deadline-day addition. Álvarez would be a genuine statement of intent.
The first priority is completing the exits of Jesus, Vieira and Martinelli. Nwaneri’s Dortmund loan should then create a valuable development opportunity for one of Arsenal’s brightest prospects.
After that, all attention will turn to the incoming column. Arsenal have spent the summer strengthening a title-winning squad, but the final hours could still determine whether this window is remembered as merely efficient or truly exceptional.