Premier League Transfer News July 3, 2017: Arsenal Set to Sign From Rivals, Chelsea Suffers Setback

Arsene Wenger
Arsene Wenger at Wembley Stadium, London, May 27. Mike Hewitt/Getty

July is upon us, and the transfer window trading is beginning to gain pace.

Today could see plenty of action and movement among the Premier League's top teams—Arsenal could spend almost £100 million on two top targets, which would ease the pressure on Arsene Wenger this summer.

Premier League champion Chelsea, however, is enduring a tricky week as it looks to convince three targets to choose west London over elsewhere, while Liverpool looks set to break its club transfer record and try to prevent its best player leaving. Here, Newsweek guides you through all the news and rumors in the transfer market:

Arsenal is on the verge of announcing the signing of Algerian forward Riyad Mahrez from Leicester City, according to Calciomercato. The 26-year-old played a crucial part in Leicester's shock title-winning campaign during the 2015-16 season but is now on his way out of the King Power Stadium.

It could turn into a very successful summer for Wenger as July starts to get going as the London Evening Standard quotes Lyon president Jean-Michel Aulas as saying Alexandre Lacazette could join Arsenal in the next 48 hours. The striker has been prolific in Ligue 1 over the past three seasons.

Across London, however, Chelsea's progress this summer seems to have stalled a little. The Telegraph has said Antonio Conte is hopeful of making a breakthrough in the signing of Juventus defender Alex Sandro on Monday, but the Daily Mirror contradicted the report, saying Chelsea is experiencing problems in signing Sandro, plus two other defensive targets, Leonardo Bonucci and Antonio Rudiger.

Manchester United summer target Michael Keane has decided he wants to join Everton from Burnley this summer, according to the BBC, and the deal for the English defender could be completed and announced by Monday.

Liverpool fans' biggest fear is losing the team's best player after seeing that happen before when Luis Suarez departed for Barcelona in 2014, and the Daily Mirror reported Monday that Paris Saint Germain has made contact with the club for Philippe Coutinho. The 25-year-old Brazilian midfielder is likely to cost around 100 million euros (£88m/$114m).

Jurgen Klopp wants Liverpool to intensify its pursuit of RB Leipzig midfielder Naby Keita as he looks to make the 22-year-old his first major signing of the summer, according to The Times. Liverpool is willing to spend a club-record £70 million on the Guinean, the BBC reported.

John Terry will not retire this summer after leaving Chelsea at the age of 36, and will instead drop down to the Championship. According to the Daily Telegraph, the center back looks set for a move to Aston Villa that could be announced on Monday.