Arsenal have finally joined the Premier League’s biggest spenders after finalising a record-breaking deal to sign Real Madrid striker Gonzalo Higuain that could be worth a staggering £50 million.

And the club’s billionaire shareholder Alisher Usmanov has also urged manager Arsene Wenger to keep splashing the cash with a move for Wayne Rooney, The Daily Mail reports.

It is understood the 25-year-old Argentina striker has agreed a four-year contract, which inclusive of bonuses is worth up to £150,000 per week.

Higuain’s capture will take a healthy chunk out of Wenger’s £70million summer warchest - but Usmanov, the club’s second biggest shareholder, now wants the Gunners to land Rooney.

As revealed by Sportsmail last month, Wenger has a concrete interest in the unsettled Manchester United striker, despite the fact his £250,000-per-week wages would provide a major stumbling block towards a shock move.

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Manchester City hope to complete a £21 million deal for Malaga midfielder Isco in the next 48 hours, the Daily Mail reports.

There were fears Real Madrid could hijack the transfer, and City were said to have grown increasingly concerned that the player seemed undecided.

But the 21-year-old looks to have chosen Manchester and indicated on Thursday that a deal could be tied up over the weekend.

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Martin Skrtel's agent has down played his client's chances of a move to Napoli, by insisting that they are unlikely to be able to afford him, BBC reports.

Karol Csonto revealed earlier this month that he was set for talks with Liverpool about the future of Skrtel - who admitted his frustration towards the end of last season when he lost his place in the first-team.

Rafa Benitez, who signed him for Liverpool from Zenit St Petersburg in January 2008, is now keen on landing him for his new club Napoli - but Csonto admits they are unlikely to be able to be able to afford him.

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Laurent Blanc is the latest in a long list of coaches to be approached by Paris St-Germain over replacing Carlo Ancelotti, French media report.. Frank Rijkaard has reportedly rejected the advances of the French champions.

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Hatem Ben Arfa's future at Newcastle United has been left in limbo after the appointment of Joe Kinnear as director of football, British media report.

The arrival of the 66-year-old and the resignation of managing director Derek Llambias has created a power struggle at St James' Park and Ben Arfa could become a casualty.

The France midfielder wants to stay at the club and talks were due to start about him extending the contract he signed when he moved to the club. Despite problems with injury, in the last two years the 26-year-old has still scored 11 goals for Newcastle from 56 starts. That form has caught the eye of both Liverpool and Monaco.

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Aston Villa have made their fifth summer signing by bringing in Sevilla left-back Antonio Luna for an undisclosed fee, BBC report.

The 22-year-old, who came through the Sevilla youth set-up, made 11 La Liga appearances during a loan spell at Mallorca last season.

He joins Villa on a three-year deal.

Luna joins winger Alexander Tonev, defender Jores Okore,midfielder Leandro Bacuna and striker Nicklas Helenius as Villa's summer signings.

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Liverpool have moved closer to completing another summer signing with Sevilla forward Luis Alberto scheduled to arrive on Merseyside on Friday for a medical ahead of a £6.8m move.

The 20-year-old has been on loan at Barcelona B but they have decided against taking up their option on the Spain Under-21 international, allowing Liverpool to step in.