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Report: Arsenal close to completing $50 million deal for Alexis Sanchez

Jul 9, 2014, 5:24 PM EDT

Sanchez's arrival could spark a new era at Arsenal. AP

It seems as though Arsene Wenger is getting his wallet out again this summer.

Nope, no more moths will be flying out when he opens it up this summer, as Arsenal’s new-found wealth is burning a hole in his pocket.

Reports in the Guardian suggest that Barcelona’s Chilean forward Alexi Sanchez is close to agreeing his switch to Arsenal and the deal will be completed by the end of this week, or perhaps Monday next week at the latest. A fee of $50 million has been agreed by both clubs and Sanchez’s agents have flown into London to agree personal terms on a four-year deal.

[ RELATED: Arsenal, Liverpool to battle for Sanchez ]

The deal is thought to hinge on Barca’s imminent signing of Luis Suarez from Liverpool, with the only hold up being that the Catalan club want to secure Suarez’s signature before letting Sanchez join the Gunners.

If Wenger does succeed in luring another top talent to the Emirates stadium this summer, just like he did with the $65 million signing of Mesut Ozil this time last year, it will be a huge coup for the North London club as the likes of Liverpool were hot on the heels of the Chilean speedster. Arsenal are finally flexing their financial muscle and are proving they can mix it with the big boys of European soccer once again.

Sanchez was a key member of Chile’s side at the 2014 World Cup as they were knocked out by hosts Brazil on penalty kicks in the round of 16. The former Udinese winger joined Barca in 2011 and has gone on to score 47 goals and added 34 assists in 141 games for the Spanish giants. His ability to play centrally or out wide would fit into Arsenal’s model, as the 25-year-old’s pace would replicate that of Theo Walcott and Alex Oxlade-Chamberlain in the attacking third. Plus, the boy can finish.

Can Wenger pull this deal off early in the summer, much to the envy of the rest of the Premier League?

Sanchez would be a truly wonderful signing for Arsenal and, no disrespect to Olivier Giroud, he’d be the world-class striker the Gunners’ faithful have been pleading for.

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