Arsenal are ready to loan out Joel Campbell to AC Milan and replace him with Shakhtar Donetsk attacking midfielder Douglas Costa, Metro reports.
Costa has been linked with several clubs of late due to the political turmoil in Ukraine, and Arsenal are keen to make a concrete bid.
The Ukrainian club are insisting that they will do everything possible to keep their star player, but could be forced to let him go out on loan until the situation resolves.
The possible signing of Costa would allow Joel Campbell to make his loan move to AC Milan, who is yet to convince Gunners boss Arsene Wenger of his abilities despite an impressive year at Olympiacos and during the World Cup for Costa Rica.
Campbell has suggested he will fight for a place in Wenger’s side but with a first team slot far from guaranteed, the 22-year-old could consider a move to the Serie A giants.
Campbell scored 11 goals and provided 12 assists while on loan at Olympiacos last season.