Arsenal transfer news: Emery desperate to sign one player this summer… but there’s a catch

The Gunners made a deadline day attempt to lure Carrasco, 25, to the Emirates Stadium but couldn’t agree a loan fee with Chinese side Dalian Yifang.

The former Monaco and Atletico Madrid winger is keen to return to Europe this summer and The Gunners are still in the market to sign him.

But they face competition from Milan giants Inter and AC for the speedy wide man who has struggled to settle during his 12 months in China.

The major sticking point is that Carrasco earns £8.8 million a year in China which is far more than The Gunners are willing to pay – with Arsenal wanting to reduce their wage bill.

So they will need him to take a major pay cut if he is serious about kick starting his career in Europe with a move to north London.

A potential move could be influenced by how Denis Suarez performs between now and the end of the season.

The Spaniard joined the club on loan from Barcelona until the end of the season.

Suarez is yet to start a match for Arsenal and was an unused substitute in the north London derby on Saturday.

Unai Emery does have a £18million option to buy on the attacker but it is not an obligation.

The former Sevilla boss is expected to have just £40million to spend this summer.

It will leave Emery with plenty of work to do in the transfer market, operating on tight finances.

If Arsenal secure a top four finish Emery is likely to have a bigger budget to play with.

They will also be desperate to secure the return of Champions League football so that they can attract top players.