Arsenal Transfer News: William Carvalho Bid Reported, Latest on Joel Campbell

Arsenal have taken a big step toward signing Sporting Lisbon midfielder William Carvalho, according to reports in Portugal on Monday, but the Gunners could yet be set to lose Joel Campbell to Milan.

Carvalho is known to have been a target of Manchester United in the past, but Portuguese newspaper O Jogo (h/t Daily Mail's James Andrew) paints the Gunners as favourites to seal a £24 million deal.

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The young midfield anchor is known to have a £37 million release clause in his Sporting contract, but 101GreatGoals cites Twitter account Messi Minutes in explaining why a cut-price move could be in the offing.

The lower-cost deal is allegedly related to 40 percent of Carvalho's rights being part-owned by a Portuguese investment firm known as Banco Espirito Santo (BES), who are in desperate need of cash and are likely keen on a sale.

The Daily Mirror's Alex Richards noted back in January (via reports from Spanish newspaper Sport and Portugal's Record) that 40 percent of Carvalho's economic rights were owned by BES.

It also helps Arsenal's case that Carvalho supposedly earns a salary of just £8,000 a week in the Portuguese capital, a great deal less than what the Gunners would be able to offer:

Arsene Wenger has been linked with a number of midfield men this summer as he looks to add a steelier spine to the core of his squad, and Carvalho may now be the best value-for-money option.

Metro's Lee Hurley has reported that Real Madrid target Sami Khedira would be willing to drop his initial £150,000-a-week wage demands to £135,000 a week. However, it's still a far greater sum than anything Carvalho would command.

At £37 million, not far shy of the £42.5 million paid for Mesut Ozil last summer, Carvalho's purchase could raise some eyebrows. However, a reduced fee of just two-thirds of that sum would be a lot more justifiable for the 22-year-old.

Meanwhile, Joel Campbell's future remains uncertain as Milan step up their bid to sign the Costa Rican international.

David Amoyal of GianlucaDiMarzio.com reports that the Rossoneri sent representatives to watch the Arsenal youngster in action at the Emirates Cup.

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The most significant developments, however, are that Milan then met with Campell's agent, Amoyal claiming that "the results were positive."

Wenger has stated his intent to keep hold of Campbell this season after watching the forward score his first Arsenal goal against Benfica on Saturday. Hamish Mackay of the Daily Mail quotes the Frenchman saying:

"

Campbell has done very well. I like the way he plays, he's good on the ball, creative and collectively as well he has a good balance between individual skill and collective attitude - that's not easy to find. ...
 
There's no reason to let him go. I want to keep him.

"

Sky Sports' Peter Hall is of the assumption that Campbell will remain at the Emirates Stadium for the 2014-15 campaign, backing the striker to have a successful maiden season with the North Londoners:

Amoyal says Campbell is favourable of a Serie A switch, but the most crucial component is that Arsenal will ultimately decide where the player's fate lies.

Should they see the World Cup sensation as useful backup to Olivier Giroud in attack, they're sure to hang on to his talents, rather than allowing themselves to be found short of alternatives.

Matt Dunham/Associated Press

This was a crucial component in their capitulation last season, Giroud ultimately fatiguing as the campaign wore on.

That being said, impressing at the Emirates Cup is one thing; for Campbell to leave a lasting impression on the Premier League is another task altogether.