Transfer News: Arsenal Set to Lose Striker, Manchester City Prepares £160 Million Bid

Pep Guardiola
Manchester City manager Pep Guardiola at Vicarage Road, Watford, England, May 21. Richard Heathcote/Getty

Pep Guardiola could take Manchester City's summer spending to more than £350 million (about $456 million) after lodging a bid for Europe's hottest prospect.

City is vying with Real Madrid for potentially the biggest deal of the summer—and century—while Arsenal is preparing to say goodbye to one of its strikers.

In the transfer round-up, Arsene Wenger's team is, however, meant to be on the verge of making a £45 million signing, as AS Monaco continues to be stripped apart.

Here, Newsweek guides you through all the news and rumors of the day in the Premier League transfer market.

After news that Real Madrid made a £160 million bid for Monaco's 18-year-old starlet Kylian Mbappe on Tuesday, the ESPN say City are prepared to match the offer as Guardiola looks to bolster his team.

In north London, Arsenal is set to sell Spanish striker Lucas Perez after failing to make an impact in his first season at the Emirates Stadium. And according to the London Evening Standard, Wenger's team is set to make a big loss on the 28-year-old as Deportivo La Coruna has made a £9 million offer.

Related: Jose Mourinho Rivalry With Jurgen Klopp Ready to Ignite This Season

While one player heads out of the Emirates, another is set to join. The Sun says Monaco midfielder Thomas Lemar, 21, will join Arsenal this summer in a deal believed to be worth £45 million.

Down the road in Tottenham, Mauricio Pochettino's Spurs is considering its first deal of the summer. According to the Daily Mail, Tottenham may make a move for Hoffenheim's 22-year-old defender Jeremy Toljan.

Representatives from Barcelona have traveled to the U.K. for talks with Liverpool over a move for Brazilian playmaker Philippe Coutinho, according to Spanish newspaper Sport. Manager Jurgen Klopp has said the 25-year-old is not for sale, despite Daily Star saying Barca is willing to pay £80 million for him.

With Jack Wilshere heading out of Arsenal this summer, The Independent says he wants to remain in London and sees West Ham as a preferred destination, to join up with Joe Hart.

Related: Is This How Pep Guardiola's New-Look Manchester City Will Line Up?