And the Gunners - who are also confident of keeping Bacary Sagna and Laurent Koscielny ahead of next season - will this week formalise their interest in the Real Madrid star, who has been told he is free to leave the Bernebeu.
On target: Real Madrid striker Gonzalo Higuain could become Arsenal's record signing in a £22m deal
Watchful eyes: Arsenal boss Arsene Wenger has been reluctant to splash out hefty fees for players in the past
In addition to smashing their transfer current transfer record, the £15million paid to Zenit St Petersburg for Andrey Arshavin, Arsenal are willing to make Higuain their top earner on around £150,000-per-week.
The Gunners have kept close tabs on the 25-year-old forward ever since his breakthrough into River Plate’s first-team in 2004.
Flop: The disappointing £15m capture of Andrey Arshavin is Arsenal's current record transfer fee
But Wenger’s long wait to work with Higuain now looks set to end this summer.
Arsenal maintain a strong interest in Wayne Rooney and Stevan Jovetic, but the Higuain deal is viewed as the most realistic.
Young Gun? Arsenal are also lining up a move for Spanish U21 star Asier Illarramendi (centre)
The £10million-rated Real Sociedad defensive midfielder has been outstanding all season and has attracted attention from Real Madrid.
Arsenal have also been monitoring Gilbert Imbula - as revealed in Sportsmail - but Illaramendi would fit well alongside fellow Basque Mikel Arteta.
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