Arsenal Transfer News: Latest on Karim Benzema and Top Gunners Rumours

Real Madrid striker Karim Benzema has appeared in a promotional photoshoot for the Spanish club, denting speculation he could be set for a mega-money move to Arsenal.

The Frenchman is set to feature for Rafa Benitez's side during their International Champions Cup match with AC Milan on Thursday, having previously sent speculation crazy with a cryptic post on Instagram that read, "Leave the past to the past. #directionfuture," as translated by James Orr of the Independent.

He seemed committed to the Madrid cause on Wednesday, appearing alongside Gareth Bale and James Rodriguez in Los Blancos' public event:

Benzema's teasing Instagram post can be seen below:

James Dickenson of the Express linked Arsenal and Manchester United with a move for the former Lyon striker. Orr noted Wenger is mulling over a £40.5 million bid for the man who can be expected to lead France's charge into Euro 2016.

However, the Daily Star (h/t Jamie Sanderson of Metro) reports Valencia have offered Arsenal the chance to take Alvaro Negredo on loan as an alternative to spending massively on Benzema. Valencia boss Nuno is hunting a "better value" centre-forward than the man Valencia will pay Manchester City £20 million for over the next two seasons, according to Sanderson's report.

Negredo performed admirably when he first signed with City in 2013-14, scoring nine goals in 21 Premier League starts, as recorded by WhoScored.com. He also netted five in just 330 minutes of Champions League football for the Sky Blues—averaging a goal every 66 minutes—but was loaned to the Mestalla before making an impression last season.

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He scored five and assisted four in a bit-part opening campaign with Valencia, per WhoScored. That is seemingly not enough to receive Nuno's unwavering support for the campaign ahead. Although more powerful than Olivier Giroud, Negredo isn't able to interlink passes as well as the Frenchman, who is set to do battle with Theo Walcott for a place in Wenger's attacking line next term.

Italian publication La Gazzetta dello Sport (h/t talkSPORT) expects unneeded Arsenal forward Joel Campbell to join Palermo on a season-long loan. The Costa Rican has failed to earn consistent opportunities in Wenger's first team and is fast running out of time at the Emirates Stadium, having spent the last four seasons working through temporary deals across Europe.

According to L'Equipe (h/t Joe Short of the Express) Wenger has quietly moved to complete the signing of Arles-Avignon midfielder Ismael Bennacer, grabbing the 17-year-old ahead of City. L'Equipe indicated Arsenal have offered the developing star a five-year contract. Metro tweeted an image of Bennacer in action:

The Gunners' underwhelming window has so far seen only goalkeeper Petr Cech added. B/R UK's Sam Tighe discussed their business this summer:

Wenger is right to bide his time during the current window. Value-for-money deals are hard to come by, especially when Arsenal just need one or two world-class stars to make a difference to their title aspirations.

Negredo would be a risk-free choice on loan and a suitable alternative to Benzema. The Spaniard also wouldn't upset Wenger's squad too much and would join knowing a fight for a first-team spots lies ahead.

However, securing a deal for Benzema would amount to a watershed moment for Wenger and Arsenal's chances of league silverware.