The Gunners recently opened talks with Merino over a possible move and they have now finalised a four-year contract with the Spaniard.

The club will now proceed to hold talks with Sociedad over a transfer and they remain optimistic of negotiating a cut-price deal for him.

Merino has entered the last year of his contract and it has been reported that he could be available for a fee in the region of £21 million.

Barcelona are also admirers of the former Newcastle United man, but they are not in a position to afford him at the current point of time.

The Catalan giants are facing FFP restrictions at the moment and they need a big-money sale from midfield in order to secure his services.

Frenkie de Jong has been highlighted as a possible candidate to leave, but the Dutchman has no desire to part ways with the Blaugrana.

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