Arsenal are on the verge of finally making their first major signing of the summer as they close in on a club record deal for Brazil international Bernard.

Tottenham, Liverpool, Borussia Dortmund, Shakhtar Donetsk and Porto have also been keen to buy the Atletico Mineiro but Arsenal are in advanced negotiations with Atletico Mineiro over a £21million switch.

Sources in France suggest Bernard has agreed a five-year contract worth £50,000-a-week after tax and will be in London on Friday for a medical.

Arsenal have been frustrated in the transfer market but signing Bernard would be a major coup.

The 20-year-old is a highly rated playmaker in Brazil and can operate on the wing or in the centre of midfield.

He has five caps and hopes to be part of Brazil’s squad when they host the World Cup next year. Bernard has already enjoyed an impressive career for Atletico and has scored an impressive 21 goals in 97 appearances for the club.

A deal would outstrip the £15m Arsene Wenger paid for Andrei Arshavin in 2009.