Arsenal would have to pay at least £60m to sign Pedro Neto from Wolves in the January transfer window, according to a report.

Fraser Fletcher reports for TEAMtalk that sources claim it will take at least £60m to convince Wolves to sell Pedro Neto this winter, but if that figure is reached, they may be forced to do business.

It’s not only Arsenal in the mix, with the same source claiming the Gunners will face competition from Manchester United.

Arsenal are the favourites at the moment, as they’re reportedly willing to spend more and they’re also a more attractive destination for Neto himself.

But Mikel Arteta and co. may need to move quickly to avoid a bidding war in the summer, so they’re expected to bid in January.

Alex Crook of talkSPORT recently reported that Arsenal were back on Neto’s trail, having made several previous attempts to sign the player.

The winger’s strong start to the season has caught Arteta’s attention, and the manager is keen to add to his forward line in the coming transfer windows.

Wolves aren’t keen to sell, but their ongoing FFP issues might make them consider a significant transfer offer, and it now appears that they’re looking for £60m.

Neto was linked with Arsenal throughout the summer of 2022, but the Gunners were ultimately priced out of a move.

The 23-year-old was tempted by the transfer, as a self-proclaimed boyhood fan of the club, but it never came to be.

An international with Portugal, Neto has made a strong start to the season, providing four assists and scoring once in his opening seven games.