Transfer News: Arsenal Rocked by £70 Million Offer, Tottenham Hijacks Chelsea Deal on Deadline Day

Arsenal manager Arsene Wenger
Arsenal manager Arsene Wenger in Stoke on Trent, England, August 19. Wenger must fix holes in his team before the end of the transfer window. David Rogers/Getty

It is finally here. After 62 days of an open transfer window in which Premier League clubs spent have spent more than £1 billion, the end is finally in sight.

Unlike in previous years, there is still likely to be big business. The future of Arsenal's top players is still uncertain, Chelsea is hoping for a few more players through the door, and Manchester City's summer spending spree may not be over yet.

Here, Newsweek takes you through all the news and rumors swirling around the Premier League's transfer market for one final time this summer:

Arsenal is preparing for a £70 million offer from Manchester City for Alexis Sanchez, currently on international duty for Chile, according to the Independent. City has sent a team of legal and medical officials to south America in preparation for a last-minute deal.

According to the Daily Mirror, Arsenal will make a last-ditch attempt to sign Julian Draxler from Paris Saint-Germain, and if it is unsuccessful the Gunners will not sell Sanchez to City.

Antonio Conte still wants three players at Stamford Bridge, according to the Daily Telegraph. One of those targets is Spanish striker Fernando Llorente, who has been in advanced talks with Chelsea over a move from Swansea, ESPN say, but reports also suggest that Tottenham has made a late bid for him.

Related: From Man United to Huddersfield, how has your club's top signing fared so far?

Tottenham has also joined West Ham in the race for Barcelona midfielder Andre Gomes, according to the Daily Mirror. West Ham had originally been in negotiations with Sporting Lisbon's William Carvalho.

Everton looks to strengthen its defense even further as Ronald Koeman's club has made a late bid for Barcelona center back Thomas Vermaelen, aiming to take him on a season-long loan, according to the Liverpool Echo.

Chelsea may finally complete the sale of awol striker Diego Costa today as the club has been in negotiations with Atletico Madrid, Costa's preferred destination, and has received a new offer of £49 million, according to The Sun.

And finally, West Ham has made a last minute attempt to sign Jack Wilshere from Arsenal, according to The Sun. The English midfielder has struggled to break into Arsene Wenger's team and spent last season on loan at Bournemouth.