Arsenal, who paid pounds 7.5m for Dennis Bergkamp two weeks ago, hope to take their spending to nearly pounds 12m today when they make a pounds 4m bid for the Bolton Wanderers defender, Alan Stubbs.
Bruce Rioch, Stubbs' manager at Bolton before moving to Highbury last month, initiated the move before going on holiday. Arsenal's managing director, Ken Friar, will table the offer today, hoping to pre-empt other interested Premiership clubs. Rioch also wants Bolton's Jason McAteer, but fears the midfielder would prefer to stay in his native North-west.
Part of Arsenal's outlay will be met by the pounds 2.5m sale of Stefan Schwarz, although Friar dismissed rumours that the Swedish international had already completed a move to Italy.
Friar was unaware of a transfer request. "Let's wait and see if he wants one or not," he added. However, Schwarz said: "I have nothing against Arsenal as a club, but my family and I cannot come to terms with living in London."