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The 24-year-old reportedly met with Valencia officials on Tuesday where he was told he would be able to leave the club if a substantial offer came in.
And it appears their £35m valuation has been met by Arsenal that will see him move to north London.
The duo's impending arrival will see Wenger's summer spending spree total close to £100m with Granit Xhaka, Rob Holding, Takuma Asano and Kelechi Nwakali all completing moves to the Emirates.