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Having confirmed the £11m signing of Lukas Podolski last week, Arsenal are in advanced negotiations with Rennes for their 21-year-old holding midfielder.
There had also been interest in M’Vila from Inter Milan, but the expectation in France is that he will now sign for Arsenal after being convinced by Wenger’s vision for the club.
It is unlikely, however, that any deal will be finalised before the end of the season, placing even more importance on beating West Bromwich Albion on Sunday and so clinching third place and Champions League football for a 16th consecutive season.
As revealed by the Telegraph Sport in March, reinforcing the holding midfield position is a priority this summer for Wenger and M’Vila has always been the preferred target. Indeed, Arsenal also made an enquiry last summer but were told that M’Vila was not for sale.
That situation has since changed, with Rennes resigned to selling their star player this summer.
While the form of Alex Song has delighted Wenger, there is also an appreciation that Arsenal do lack experienced cover in this position.
As well as M’Vila, Atheltic Bilbao midfielder Javi Martinez has been scouted.
Although Arsenal have no shortage of emerging central midfielders, the concern is that Aaron Ramsey, Jack Wilshere, Mikel Arteta, Tomas Rosicky and Abou Diaby are all players who also like to push forward.
Song’s defensive qualities have made him a regular over the past four seasons – and he is likely to be offered a significantly improved contract later this year – but there has been a lack of obvious cover.
Emmanuel Frimpong and Francis Coquelin are both highly promising but largely still unproven at the very highest level. The addition of a player like M’Vila would also give Wenger the option of sometimes playing with two holding midfielders.
Wenger is keen to get his transfer business concluded swiftly this summer and so avoid a repeat of last year when he lost both Cesc Fabregas and Samir Nasri after the Premier League season had already started.
There is also the hope that the arrival of major signings like Podolski and M’Vila will have a positive knock-on effect for the forthcoming contract negotiations with Robin van Persie and Theo Walcott. Arsenal’s current transfer record is the £15 million that was spent on Andrei Arshavin.