Wolves have set a fee for in-demand midfielder Ruben Neves.

The 24-year-old has been with Wolves for the past four seasons, when he left FC Porto to join the team when they were still in the Championship.

He has been vital to their promotion to the top flight and subsequent campaigns, but is now being linked with a move to Arsenal and Manchester United.

According to The Telegraph, Arsenal have been told they can sign Neves if they agree to pay a fee in the region of £40 million.

The Gunners have limited transfer funds this summer, which was in evidence as they were beaten to the signature of Norwich City's Emi Buendia by Aston Villa.