The top scorer in La Liga last season could be available for a fee in the region of €40 million to €50 million.
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Per Diari de Girona, Arsenal are among the top European clubs that have inquired about Dovbyk.
The Ukrainian was signed for a modest fee of only €8 million last summer.
Even if Girona have to cash in on the forward, they will net a massive profit in the process.
The La Liga minnows, who finished third last season, are owned by the City Football Group.