Fussball Daten reports Arsenal are preparing a bid for the Sweden international.
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The Premier League leaders are said to be ready to offer €40m plus €10m in add-ons for Larsson.
Arsenal are leading the chase along with Liverpool, but Real Madrid are also still interested.
Eintracht Frankfurt are said to be demanding €60-65m plus a hefty resale clause to release Larsson this summer.
Larsson's contract with Eintracht Frankfurt extends until the summer of 2029.
