Lucas Torreira is close to completing a season-long loan move from Arsenal to Atletico Madrid.
A loan deal with an option to make the signing permanent has been agreed between the two clubs, and Torreira is in Madrid finalising his move to the Metropolitano Stadium.
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Uruguay international Torreira, who was also linked with a move to Serie A side Torino, arrived at Arsenal from Sampdoria in 2018 and featured 39 times in all competitions last season, but has not played for the Gunners this term.
Arsenal have been open to selling Torreira this summer in order to fund moves for other midfield targets.
The club remain interested in Atletico's Thomas Partey, while reports in France have suggested that another player on the Gunners' shortlist, Houssem Aouar, is staying at Lyon.
Chelsea's Jorginho has also been linked with a move to the Emirates Stadium.
Speaking ahead of Arsenal's match against Sheffield United on Super Sunday, live on Sky Sports, Mikel Arteta said that the remaining time prior to the transfer deadline is "crucial", and revealed there may be incomings and outgoings at the club before 11pm on October 5.
"We need to make some decisions in the next three days. Everything has been delayed so much, not only for us but every team," he said.
"We will try to make the best possible decisions and at the end, whatever we have, we go for it fully convinced and prepared to have a good season."
Matteo Guendouzi could be another player that may depart the Emirates before the transfer deadline, with Marseille interested in his services.
Bayer Leverkusen are also in talks with Arsenal over signing winger Sead Kolasinac.
Watch Arsenal vs Sheffield United in the Premier League on Super Sunday on Sky Sports Main Event from 1pm, (kick-off 2pm).
Transfer Deadline Day - October 5
The summer transfer window closes at 11pm on Monday October 5 with a feast of activity throughout the day involving the biggest names in football.
Some of the highlights to enjoy on Sky Sports News and across our Sky Sports platforms:
- Breakfast with David Ginola and Rachel Yankey
- The Football Show Special with Dwight Yorke and Andy Cole
- Countdown with Harry and Jamie Redknapp
- Supporters at the heart of the show with Sky VIP fan wall
You can also follow the stories on Sky Sports' digital platforms, with our dedicated Transfer Centre blog.
Here's all you need to know about Deadline Day and how to keep across all the deals and drama with Sky Sports.