A Bola says Wenger is moving for Veloso after losing Alex Hleb (Barcelona), Gilberto Silva (Panathinaikos) and Mathieu Flamini (AC Milan) from his midfield this summer.
The Gunners have been paying special attention to Veloso since last summer's U21 European Championships, though Wenger won't consider meeting the midfielder's £20 million buyout clause.
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