Real Madrid have opened further contract talks with Vinicius Jr but have yet to reach agreement, alerting Arsenal and Saudi clubs. Manager Mikel Arteta views the Brazilian as his number one target for a left-sided attacker after missing out on Morgan Rogers to Chelsea. However, Arsenal acknowledge signing Vinicius is a long shot, as leaving Real Madrid would be seen as a sideways step for a South American player and could impact his commercial brand.

Talks are expected to ramp up, with Vinicius reportedly receptive to staying but wanting to "feel loved." The club faces financial catastrophe if he leaves for free in 2027. Any summer move would likely require obliterating the £125m British transfer record, with Real Madrid's £130m deal for Eden Hazard in 2019 serving as a benchmark. Vinicius earns around £450,000-a-week, surpassing Bukayo Saka's £400,000, and could double his wages on a free transfer next year.

Arsenal believe they have the financial means and widespread internal backing for a deal, potentially using image rights packages. Roc Nation, which represents both Vinicius and Gabriel Martinelli, adds complexity, though Martinelli is reportedly happy at the club. Ultimately, the leverage lies with Vinicius, who must decide whether to relinquish his status at the Bernabeu for a project that is among Champions League favorites.