Arsenal Transfer News: Wenger Must Pay for Coveted Forward Junior Hoilett

Arsenal finished a surprising third in the English Premier League this season in what could have been a disastrous campaign.

Despite losing arguably their two best players in the transfer window last summer, Arsene Wenger broke out the checkbook and put other pieces in place just in the nick of time. Promoted club captain Robin van Persie, who finally played up to his immense potential, led the league in goals scored this year.

Although the season came with no trophies, it was a success in that they at least qualified for Champions League play next year.

But that cannot be the case next season—next season has to come with some hardware—and that starts in the summer transfer window.

One particular player who has the interest of the North London outfit is Junior Hoilett, a 21-year-old Canadian forward who is set to be free of Bolton when the window opens.

The problem, like with most young superstars on the Arsenal radar, is that other clubs are interested as well.

According to the Telegraph, the Gunners are battling with the likes of Tottenham, Newcastle and Sunderland, and the Mirror reports that Reading are involved now as well. The Daily Mail also adds that German giants Bayern Munich and French power Marseille are interested to boot.

The Mirror report says any club wishing to sign the Canadian may have to pay a £5 million compensation fee for the free player because he's under the age of 24. To all the big-name clubs involved, the ones with other European competitions to offer, that price is easily payable.

So for Wenger and Gunners, a club always looking to improve with youth, they'll need to pay up if they want to land the budding star.

Expect the chase for Hoilett to heat up mighty quick.