The Argentine has been on the brink of a move to Arsenal for some time, but a breakthrough appears to have been reached after a fee was agreed with Real Madrid.
Several media outlets in Argentina, Spain and England were reporting that the deal was set to be completed in the coming days.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.