Olympiacos → Arsenal, per Dominic Fifield of The Guardian
Kostas Manolas is close to completing a transfer to Arsenal pending the completion of a medical.
How long does a medical take?
August 20, 2014, per James Dickenson at the Daily Express: "Olympiacos defender Kostas Manolas is undergoing a medical ahead of his move to Arsenal."
August 18, 2014, per James Orr at The Independent: "Greek defender Kostas Manolas is on the brink of an £8 million move to Arsenal after undergoing a medical with the north London club."
August 17, 2014, per William Joyce at Goal.com: "Olympiacos centre-back Kostas Manolas is undergoing a medical at Arsenal ahead of a move to the Gunners."
Either no medical has taken place or complications have arisen, hence the transfer being dragged out.
Another theory is that Manolas might be having second thoughts. In 2012, Manolas attracted headlines when he pulled out of a proposed move to Everton.
Then-Everton manager David Moyes was "pushing [Manolas] for an answer," per Fotis Voinikas and Graeme Bailey at Sky Sports.
The answer was no.
Manolas then agreed to join Dnipro Dnipropetrovsk, per Graeme Bailey at Sky Sports, only to sign with Olympiacos.
Manolas impressed at the FIFA World Cup. Solid in the tackle, formidable in the air and an accurate passer from the back, it is understandable why Arsenal are seeking to sign Manolas.
At 23 years of age, he has immense upside.