Aaron Ramsey is close to reaching an agreement over a new contract with Arsenal, according to reports.
The 27-year-old has less than 12 months left on his current deal and Arsenal risk losing him on a free transfer next summer.
Arsenal are also facing a fight to keep Ramsey before the transfer window closes on Thursday evening as Chelsea have expressed an interest in signing the midfielder.
Chelsea are ready to spend £35m on the Wales international and Arsenal are considering whether to cash in on the player.
But according to the Daily Telegraph, the Gunners are close to finalising the terms of a new contract with Ramsey.
Arsenal boss Unai Emery has made it clear that he wants to keep Ramsey at the club and believes the midfielder will stay.
'Aaron is an important player for us, and the contract is one thing for the club and the player,' Emery said last month.
'For me, I want him to stay with us, to work with us, to give the team the big performance.
'I think he is going to stay here with us.'
Chelsea, meanwhile, appear to have cooled their interest in securing a deal for Ramsey before Thursday's deadline as they are now closing in on a season-long loan move for Real Madrid midfielder Mateo Kovacic.
The Croatia international is due to undergo a medical with Chelsea on Wednesday.
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