Premier League giants Arsenal are close to agreeing a new contract with Brazil sensation Gabriel Martinelli.

The youngster has been outstanding for the Gunners this season, even earning a spot in Brazil's World Cup squad.

While Martinelli could only make the quarter finals with the Selecao, he will be buoyed by returning to the table topping Gunners for the rest of the club season.

Per the Daily Mail, the two parties have been involved in talks over his contract since October.

Now it appears that an agreement has been struck, with talks at an advanced stage.

Arsenal could even announce the new deal in the coming weeks.

Sources have indicated that Martinelli's new terms will see his earnings soar towards the upper echelons of the club's wage bill with a contract worth in the region of £200,000-per-week.

He currently earns £70,000-per-week.

Martinelli is said to be very happy in London and informed his advisors that it was his priority to stay with Arsenal despite growing interest from rival European clubs.