Arsenal are prepared to spend £12.6million on Celta Vigo's Nolito.

Spanish publication AS suggests that Arsene Wenger is ready to meet the aforementioned release clause of the 29-year-old striker who is also a key target for his former club Barcelona.

Nolito has been in fine form for Celta this term, scoring seven goals and providing four assists in 11 La Liga outings, and also impressed for Spain in their 2-0 friendly win over England on Friday.

Barcelona have also been showing interest in the former Benfica ace but it is believed they are seeking a less expensive option such as Fenerbahce's Robin van Persie or Feyenoord's Dirk Kuyt.

The Gunners are still in the hunt for a new striker as they go after an evasive Premier League title and Wenger could be set to table a bid for Nolito while also trebling his wages, according to additional reports from Mundo Deportivo.