Arsenal and AS Monaco have reached an agreement for Thomas Lemar, according to reports in England.

The Gunners are said to have launched a bid in the region of £90 million, which has been accepted by the Ligue 1 champions.

However, France football journalist Matt Spiro claims that the Frenchman has his heart set on a move to Liverpool instead.

Arsenal are in a race against time though as there may not be enough left to get the transfer over the line before the window slams shut.

Meanwhile, Manchester City are keeping a close eye on proceedings as Arsenal will only sell them Alexis Sanchez if they manage to sign a replacement.

City have offered the Gunners £55 million plus £5 million in add ons for the Chilean.