Manchester City remain determined to sign Alexis Sanchez from Arsenal and have formulated a part-exchange deal, according to The Mirror.
Raheem Sterling would be sent in the opposite direction, with the Etihad Stadium outfit to also pay the Gunners a lump sum. Arsene Wenger's men are believed to want £70m in straight cash.
Sterling, who joined City in 2015 from Liverpool for a British record transfer fee of £49m, has been offered to Arsenal in part-exchange after being informed he can leave.
The England international, 22, is understood to be bemused at the decision after scoring twice in City's three Premier League matches, but is open to the idea of moving back to London. He began his career playing for QPR's youth team before moving to Anfield.
Sánchez, who has only one year remaining on his contract and has refused to sign an extension, has been a target for City all summer having indicated he would like to work for their manager, Pep Guardiola, once more.
City were initially willing to offer around £50m for Sánchez, although Arsène Wenger has insisted that he would not be sold. It is believed that City's latest offer includes Sterling and around £20m. Arsenal have denied receiving any official bid, although it is understood that they have held talks with City in recent days.
In other news, Diego Costa is edging closer to a move to Atletico Madrid as the club are in talks with Chelsea to re-sign him for £41 million, the Evening Standard claims.
The striker has not returned to Chelsea since the summer break and has publicly criticised the club for the way they have treated him. A return to Atletico has long been his preferred destination and it seems a breakthrough in talks has finally been made. If the deal does materialise, he will be unable to feature until January 2018 due to the transfer ban imposed on the club.
Monaco have shown a late interest in signing Arda Turan this summer as the midfielder looks for a way out of Barcelona, Mundo Deportivo reports.
The 30-year-old has started just 23 of the 36 La Liga games he has played for the Catalan side since joining from Atletico Madrid. The Turkey international's agent, Jorge Mendes, has held talks with Barca over the Turkey international's future, with Galatasaray tipped as a potential destination.
However, Ligue 1 champions Monaco are looking to further add to their ranks amid a host of big-name departures and could make a move for Turan before the end of the window.
Inter Milan want to sign Arsenal defender Shkodran Mustafi on loan, but the Gunners would rather a permanent deal, according to ESPN.
Arsenal signed the Germany international from Valencia last season for £35m, and are looking to recoup some of the money invested by selling Mustafi this summer. However, Inter would prefer a loan-to-buy deal for the 25-year-old.
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