Arsenal are competing with Juventus and Real Madrid for Bayern Munich striker Mario Mandzukic .
The Croatia international is ready to leave Bayern in the summer as Robert Lewandowski arrives from Borussia Dortmund.
In Italy, Juventus are regarded as favourites for Mandzukic's signature, with reports of personal terms having already been agreed last week.
However, TMW says the move is no done deal, with Arsenal and Real Madrid also in contact with the player's camp.
Indeed, Mandzukic's representatives were in London earlier this month for talks with the Gunners and also Chelsea.
Bayern will seek up to €30 million to sell the 27 year-old forward.
