Arsenal are hoping to sign a winger to replace Nicolas Pepe this week but they aren’t close to a deal to bring in Wolves’ Pedro Neto.

ESPN report that despite the heightened speculation that Arsenal could sign a winger as a result of Nicolas Pepe’s loan move to OGC Nice, the Gunners are far away from Wolves’ valuation of key transfer target Pedro Neto.
Arsenal are certainly interested in the winger, but right now they aren’t close to signing him even though they have confirmed Nicolas Pepe’s season long loan to Nice.
https://twitter.com/Arsenal/status/1562860722840911872
When David Ornstein first reported on Arsenal’s interest in Neto, he wrote that Arsenal would only make an addition if they can afford it and believe it is going to improve their options.
Even after reporting on Pepe’s likely departure, Ornstein maintained that whilst Mikel Arteta’s side remain in the market and open to opportunities, they are not close to any incoming business.
There’s a sense among the Arsenal fanbase that Pepe’s exit means the Gunners are guaranteed to sign a replacement, but reliable club reporters are claiming precisely the opposite.
There are no guarantees, Arsenal aren’t close to a signing, and Pepe is leaving regardless.

Obviously, Arsenal are hoping to sign a winger if they can. That much is clear from the pursuit of Neto.
What’s more, we know that Neto is tempted by the move, and he was a boyhood fan of the club.
But much as the supporters might like to believe it’s impossible that Arsenal exit the transfer window without a new winger, there are already signs that the club are preparing to do just that.
Arsenal u21 coach Mehmet Ali recently confirmed that he was asked by the club to give summer signing Fabio Vieira a start on the right wing, and he’s also given Marquinhos three starts in the position this season.
Though those two have never made a competitive senior appearance for Arsenal, they’re evidently being prepared to act as backups for Bukayo Saka if necessary.
If all goes well, Arsenal’s new signing will take over that role, and Vieira will be free to feature elsewhere on the pitch. It’s just not a sure thing yet.