Arsenal agree Mesut Ozil deal

Arsenal have agreed a agreement with Real Madrid to sign Germany midfielder Mesut Ozil, according to latest information in the British media.

The 24-year-old is now set to discuss personal terms over the planned transfer, assumed to be a club-record bid of 50million euros (£42.2m), and then look to complete a medical ahead of the 11pm transfer deadline.

Before Sunday's 1-0 succeed over big-spending Tottenham, Gunners manager Arsene Wenger had seen moves for Gonzalo Higuain, Luis Suarez and Yohan Cabaye all fail to come off, but it would now appear the Emirates Stadium club are close to finally landing a big-name signing.

Arsenal boss Arsene Wenger's only summer purchases so far had been the free transfers of Yaya Sanogo and Mathieu Flamini.

However, the Arsenal boss was sure the 100million euro (£85.3m) switch of Gareth Bale to Real Madrid would set in place a "domino" result, and thus allow the likes of 24-year-old Germany international Ozil to come onto the market at the 11th hour.

Arsenal - who have been linked with Ozil's Real Madrid team-mates Karim Benzema and Angel di Maria and with a loan move for Chelsea forward Demba Ba - are also predictable to bring in some goalkeeping cover, with a loan deal for Palermo stopper Emiliano Viviano.

Even though Arsene Wenger may be sitting on a £70m warchest, he insists the club will not be held to ransom as the last-gasp shopping dash begins.

''I am not against spending. I am prepared to pay what we can pay for, even if it is a bit over the market (value) and as long as it is not crazy,'' he said.

Arsenal have responded well since they lost the opening Premier League game at home to The Villans, winning at Fulham and also securing a position in the group stages of the Champions League by thrashing Fenerbahce both at home and away.

However, the need for getting in further bodies was highlighted by the addition of youngsters Serge Gnabry and Gedion Zelalem, only 16, on the bench after Arsenal's first-team squad had been decimated by injuries to key men like Lukas Podolski, Mikel Arteta and Alex Oxlade-Chamberlain.

Theo Walcott is sure the club will bring in reinforcements.

"It is well recognized we have got a very small squad but the boss knows what he is doing, he is a very intelligent man and I am sure he has got something up his sleeve," said the England forward, who set up Olivier Giroud with a run and cross from the right wing on 23 minutes to score what proved to be the success against Tottenham.

"We desire to see players come in, absolutely, but the excellence is there and hopefully if we attract the odd players more players are going to come here.

"It is always fairly hard that it is always down to the last minute."

Meanwhile, reports state that Arsenal have made a offer to sign Demba Ba, but they face competition from other clubs for the Senegalese's signature.

It is understood that attention from West Ham and Newcastle has cooled recently, but other clubs are still in for the 28-year-old forward.