Arsenal have agreed a deal worth £105m to sign West Ham’s England midfielder Declan Rice.
Talks are continuing between the clubs over how the deal will be structured for the 24-year-old.
It follows a third bid from the Gunners, having previously had two bids rejected after falling short of the £100m West Ham want. Rice has been at the club since joining their academy from Chelsea in 2014.
Earlier, Manchester City, who had a £90m offer for Rice rejected on Tuesday, withdrew from the running.
Earlier this month he led them to Europa Conference League victory, their first major trophy in 43 years. His contract at London Stadium was due to expire in 2024.
Arsenal’s bid is comprised of an initial £100m plus £5m in add-ons. The initial fee equals the British record Manchester City paid for midfielder Jack Grealish.
The Premier League’s most expensive signing is the 121m euro (£107m) transfer fee that Chelsea paid Benfica for Argentina midfielder Enzo Fernandez in January.