Arsenal Transfer News: Ilkay Gundogan and Asier Illarramendi Bid Rumours Emerge

Arsenal manager Arsene Wenger "is set to submit a bid" a bid for Borussia Dortmund midfielder Ilkay Gundogan, according to a Kicker report (h/t Metro and Alex Harris of the Daily Star).

Harris' article suggests the French boss failed to secure Gundogan's signature in January with an £18.4 million offer.

Alongside Marco Reus and Mats Hummels, the crafty midfielder remains one of BVB's biggest stars, an individual who is synonymous with the club's run to the 2013 Champions League final. This means he is a prime candidate for raising hefty funds at a difficult time for the Bundesliga club.

Frank Augstein/Associated Press

Dortmund are currently ranked 10th after a disastrous first half of the season. Champions League qualification is nigh on impossible, perhaps a reason why Gundogan's name has cropped up in conjunction with Arsenal.

He is suited to the English club's style—he is a smart passer, can dribble, tackle and score goals—but he's not the hulking defensive midfield presence Wenger's team so desperately needs.

Even so, Harris suggests potential departures for Abou Diaby, Mikel Arteta and Mathieu Flamini could make way for the 24-year-old.

German newspaper Bild recently suggested Manchester United are interested in the player, translated by Sport Witness:

Wenger could have an alternate option in Real Madrid's Asier Illarramendi, according to Fichajes (h/t Jamie Sanderson of the Metro). The former Real Sociedad star isn't as creative as Gundogan, but he offers a sturdier central midfield presence. Sanderson indicates Arsenal have been tracking him "for months" and that a £28.8 million fee would see the deal concluded.

Abdeljalil Bounhar/Associated Press

Many will consider this the upper perimeter of what Illarramendi should cost, particularly after a disappointing year with Los Blancos. He has made just seven La Liga starts this season, as recorded by WhoScored.com. As such, Madrid may need to take a considerable cut from the £34 million they made to buy him in 2013.

B/R UK's Ryan Bailey and James McNicholas recently discussed how Arsenal can take the next step in their bid to challenge for the Premier League title:

Wenger's squad is crammed with nimble ball-playing midfielders, so it would be beneficial for him to target midfielders who specialise in certain qualities. A hard-hitting ball-winner is needed, while some height and a physical presence wouldn't go amiss.

Even so, both Gundogan and Illarramendi would prove to be notable signings for the club.