Newcastle United have entered the chase for Arsenal striker Lucas Perez but are as yet not ready to match Arsenal's £13.4million valuation, reports the London Evening Standard.

The newly promoted Magpies lodged their interest last week but are yet to make a formal move for the 28-year-old forward, who is desperate to move on from Arsenal after a disappointing season.

Newcastle are believed to prefer a loan move for Lucas, who would expect to get the regular game time at St James' Park that he did not receive after his £17m move to Arsenal last summer.

However, the Magpies are not the only club targeting Lucas.