Arsenal are close to agreeing a fee of around £60m for Pierre-Emerick Aubameyang with Borussia Dortmund, according to Sky sources.
It is understood that talks are ongoing between the clubs, but a deal has not yet been reached for the striker.
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Arsenal had a bid in excess of £50m rejected, with Dortmund's sporting director Michael Zorc saying they would only let the 28-year-old go if their demands were met. It is understood they are holding out for £60m.
One source told Sky Sports News on Sunday night that Arsenal striker Olivier Giroud may yet be involved in a deal to bring Aubameyang to the Emirates.
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Arsene Wenger said on Friday that Giroud would not leave unless another player came in.
"Arsenal have made several attempts so far [to sign Aubameyang] and they have all been rejected," Zorc told Sky in Germany on Saturday.
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"Either our demands are fulfilled, then there can be another transfer, or they will not be fulfilled and Aubameyang will play in Dortmund until the summer."
Aubameyang was booed by a section of Dortmund fans at the Westfalenstadion during their 2-2 draw with Freiburg on Saturday and a banner in the crowd read: 'No player is bigger than our club'.
Sky Sports News understands Chelsea have also been monitoring Giroud's situation as they continue their hunt for a target man.