Arsenal Transfer News: Examining Ilkay Gundogan Rumours, Star's Potential Impact

While Arsenal are still putting the finishing touches on the current campaign, the transfer talk is already starting to heat up. One of the more interesting names to emerge from the early rumour mill is Borussia Dortmund midfielder Ilkay Gundogan.

Simon Jones of the Daily Mail reported the Gunners have made contact with both the BVB and the German international's family ahead of a possible bid. If they do move forward with interest, he noted, the club is expected to face plenty of competition:

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Reports from Germany on Wednesday say Arsenal and Atletico Madrid have made the early running while Manchester United, Bayern Munich and Manchester City have concerns about his injury record.

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Charles Perrin of the Daily Express added Chelsea are keeping tabs on developments regarding the 24-year-old midfielder. He also provided an update from German outlet Sport Bild, which confirms advanced interest from Arsenal:

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But German paper Sport Bild claims Gundogan, who is valued at £21 million, is in talks with Arsenal.

They suggest that Gundogan's family have spoon with Gunners officials and a deal is set to go through.

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The situation surrounding Gundogan is likely to only become more intense in the weeks ahead. His contract is scheduled to end after next term, and Dortmund won't want to risk seeing his deal end without getting a notable return for him.

Sky Sports passed along comments from the club's sporting director, Michael Zorc, about the situation.

"Our talks came to the conclusion that he won't extend his contract and will leave in the summer," Zorc said. "But that depends on what offers land on my table and until now, we have received no offers for Gundogan."

The biggest question for Arsenal to answer before getting into any type of bidding war is whether they believe Gundogan can return to top form.

He was one of the most impactful young midfielders in Europe during his first few years with Dortmund. He played a key role in helping the club reach the Champions League final in 2013, showcasing a terrific box-to-box midfielder skill set.

Alas, he then missed almost all of last term with a back injury. He returned this season but wasn't all the way back to top form quite yet. His movement was lacking at times, although he still flashed his typical strong distribution talent.

If the Gunners believe he can eventually get his full mobility back, then there's no doubt he would be a solid target this summer. The side could use somebody capable of playing a defensive role, similar to what Mikel Arteta has done in the past.

At his best, Gundogan is capable of being the perfect link between the back line and the attacking midfielders or forwards.

The void is one Arsenal certainly needs to fill over the summer. Whether they are willing to go all-in to land a player like Gundogan amid widespread interest is less clear. The latest rumours suggest he's at least on the radar, though.

Given the number of high-profile clubs linked to the midfielder, it could develop into one of the summer transfer window's most interesting sagas.