Arsenal have reached an agreement with Ajax to sign goalkeeper Tommy Setford for around €1m plus add-ons, according to a report.

David Ornstein reports for The Athletic that Arsenal have reached an agreement with Ajax for the transfer of young goalkeeper Tommy Setford.

The fee is reportedly in the region of €1m (£860k), with add-ons on top of that.

Ornstein reports that Setford is expected to join Arsenal on an initial four-year contract.

The goalkeeper will be Arsenal’s third summer signing, having already brought in two more goalkeepers in Lucas Nygaard and David Raya.

The eventual fee represents a compromise from Arsenal, who reportedly initially bid closer to £350,000 plus add-ons.

Ajax would have been due £350,000 as a training compensation fee at the end of the coming campaign anyway, so that wasn’t enough to convince them, but Arsenal have now upped their bid and reached an accord.

Ajax were keen to hold onto Setford, offering him a new contract and the chance to become their second team’s starting goalkeeper. But the player was keen on the Arsenal move, and it seems he’ll now get it.

This is the ideal time for Arsenal to sign 18-year-old Setford, because it’s the last point at which he can secure homegrown status.

A homegrown player is one who has been registered to an FA or FA of Wales club for three entire seasons before the end of the season during which he turns 21.

Setford turns 19 during the coming season, so he’s just about able to squeeze in three seasons before the end of the campaign in which he’ll turn 21 (which is 2026/27).