Arsenal want to sign Southampton star Sadio Mane and could sell Alex Oxlade-Chamberlain to Leicester to help fund a deal.
Mane has been a revelation with Saints, and boss Ronald Koeman will be determined to keep hold of the 24-year-old, who was signed from Salzburg for Â£11.25million.
However a bid of around Â£17million could be too good to turn down and the Gunners will raise the cash by selling Oxlade-Chamberlain.
The 22-year-old has been out of action since suffering a serious knee injury back in February, but he should be fit for pre-season, and there is a good chance he will be at another club by then.
Gunners boss Arsene Wenger is planning changes to his squad this summer and is willing to let Oxlade-Chamberlain go, so he can keep Theo Walcott.
Southampton have been linked with a move to re-sign Oxlade-Chamberlain, but reports claim that Premier League champions Leicester are leading the race for his signature.
Wenger will want Â£15million for the winger so he can put it towards making a move for Mane.