Arsenal and Chelsea are the only clubs in talks to sign Riccardo Calafiori from Bologna as things stand.
The London rivals are the frontrunners to sign the centre-back, who shone as Bologna secured a top-five finish and Champions League qualification in Serie A last season.
Juventus, who have appointed Thiago Motta from Bologna as their new head coach, have been linked with signing the defender but it is the Premier League clubs leading the race for his services.
Fabrizio Romano has reported that Arsenal have ‘presented long-term proposal’ to Calafiori, who is open to joining the Gunners if terms are agreed with Bologna. The Italian side are understood to value the 22-year-old at around €50m (£42m).
Arsenal are yet to submit a formal offer for Calafiori but have a good relationship with Bologna after signing Takehiro Tomiyasu from I Rossoblù.
Chelsea remain in the race, though any offer from the West Londoners is likely to contain players in part-exchange. Bologna will owe FC Basel a significant share of any profit made on the player, having signed Calafiori for just £5m (£4.2m) from the Swiss side last summer.
Calafiori, who featured four times for Italy at Euro 2024, ranked sixth in Serie A for interceptions and percentage of aerial duels won in 2023-24.
