Arsenal are launching a bid for Everton midfielder Mikel Arteta.

The Daily Star says the Gunners face Spanish competition for Arteta.

Malaga and Valencia, who have just picked up £27m from Chelsea for Juan Mata, are both willing to pay £10m for attacking midfielder Arteta.

But despite losing Cesc Fabregas to Barcelona and Samir Nasri to Manchester City, Wenger still appears reluctant to spend the near £60m the club have racked in.

 It's the home stretch! 24/7 click for the best coverage of Arsenal's final transfer market moves