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Arsenal transfer news: Gunners increase interest in Chelsea target Hirving Lozano (Image: GETTY)
And contact has been made with PSV and his agent, Mino Raiola, over a potential move.
Lozano is unlikely to leave in January, meaning a summer bidding war could ensue.
PSV have slapped a firm £35m (€40m) price tag on Lozano following his exploits this season.
That represents a jump from the £26m (€30m) they were willing to do business for after the World Cup.