Arsenal Transfer News: Latest on Shkodran Mustafi and Riyad Mahrez Rumours

Arsenal are reportedly closing in on the signature of Valencia defender Shkodran Mustafi just as the player is scheduled to fly into London on Sunday. Elsewhere, the Gunners looks set to miss out on Leicester City star Riyad Mahrez.

In a convenient twist for Arsenal, Valencia fly to England's capital to begin pre-season on Sunday, and Spanish daily Marca reported the Premier League giants are "ready to put €30 million (£25 million) on the table" (h/t Sport Witness' Dipesh Agarwal).

Petr David Josek/Associated Press

The report also cited a previous statement from Sky Germany that Arsenal were prepared to offer €30 million plus another €10 million (£8.4 million) in add-ons, but it now seems that was wide of the mark.

If the figures match up, the Gunners' incoming offer for the player could be sufficient to land his services, too, after the Mirror's Ed Malyon reported how much would be required to tempt Los Che into selling:

Arsenal manager Arsene Wenger is seeking centre-back reinforcements after Per Mertesacker suffered an injury in the recent pre-season draw against Lens that will keep him out of action for at least a few months.

Wenger spoke to the official Arsenal website this week and confirmed Mertesacker's injury meant a new defender would be added to the squad this summer, via Sky Sports:

"

We have bad news on Per Mertesacker.

He played in Lens on Friday night, he finished the game and had a little pain on his knee. We found out the next day that it was much more serious than expected.

He had surgery yesterday in Germany. It all went well. I know you will ask me for how long he will be out. I don't know that, it's months, but I don't know how long he will be out for.

"

Mustafi already has experience in English football, but he made just one senior appearance in three years at Everton before leaving for Sampdoria in 2012, eventually moving to the Mestalla in the summer of 2014.

The 2014 World Cup-winner has shown significant improvement since he was an unknown at Goodison Park, and WhoScored.com recently highlighted the 24-year-old as something of an elite asset in La Liga:

Meanwhile, Arsenal's chances of landing Leicester talisman Mahrez have been rocked by news the winger is eager to extend his stay at the King Power Stadium with a new £100,000-a-week deal.

Laurie Whitwell of MailOnline reported the Algeria international wants to follow Jamie Vardy's footsteps and agree a new lucrative contract with the Foxes if he's to ignore Arsenal's advances.

Leicester manager Claudio Ranieri also told Sky Sports he's confident the player will stay:

Mahrez was pivotal in guiding Leicester to last season's Premier League crown and was rewarded for his form with the 2015-16 Professional Footballers' Association Player of the Year award.

Having already dominated the Premier League, it appears he may be content continuing his quest with the Foxes and write more history with them, rather than leave for the team that finished second.