The Gunners are thought to be close to sealing a deal for Brazilian international Bernard, a player who has been attracting interest from the likes of Liverpool, Tottenham, Porto and Borussia Dortmund.
It appears Arsenal are in pole position for his signature having reached advanced talks with Atletico Mineiro over a club record £21million deal for the playmaker.
Sources in France suggest a deal worth £50,000 a week has already been agreed for the 20-year-old.
The news will come as a welcome relief for Arsenal supporters, who have spent the transfer window so far frustrated by their lack of major signings.
The Gunners have been strongly linked with moves for the likes of Luis Suarez, Gonzalo Higuain and Wayne Rooney, but have so far only bought in 18-year-old French striker Yaya Sanago.
Bernard is highly rated in his homeland, and is able to operate in the centre or on either side of the midfield.
The youngster has already won five senior caps for Brazil and has high hopes of being part of their squad for next summer’s World Cup on home soil.
The £21million the Gunners are reportedly set to pay beats their previous club transfer record of £15million, which they paid for Andrey Arshavin in 2009.
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