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Arsenal have lodged a bid of $12 million (£6.5 million) for Argentine international midfielder Javier Mascherano, according to sources in South America.
The 20-year-old has just starred in the Copa America and is now preparing for the Olympics with the national side.
The Gunners are currently in talks about Patrick Vieira's future with his departure to Real Madrid looking likely.
It is not known whether Wenger sees Mascherano as a direct replacement for the brilliant Frenchman, but he certainly fits the bill.
River director Mario Israel met was offered the deal during the Amsterdam Tournament, where the Argentine giants faced the English champions.
Mascherano himself was not present in Holland, but Arsenal were still keen to strike a deal.
It is believed that Israel rebuffed Arsenal's original approach, but River are now seriously considering the offer.
One major problem for River is that the Renato Cesarini footballing academy, who schooled Mascherano before he moved to La Bombonera, own 30 percent of him.
Despite this, River know they cannot afford to reject a major offer for any of their players - with Maxi Lopez also rumoured to be on his way out of the club with a move to Milan on the cards.
The only problem for Arsenal could be rival interest from Spanish giants Deportivo La Corina, but it is thought that The Gunners' bid has already gone above their desired limit.
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Real Madrid president Florentino Perez will not pay over the odds for Patrick Vieira - insisting that Arsenal's hesitance to sell their influential captain will not drive up his price.
Perez told the Daily Star that the ball is in Arsenal's court - meaning that Vieira himself seems to hold the key to any move.
"We have made our offer to Arsenal and that is as far as it goes," said Perez.
"We will not be raising it as they want, so for the moment talks have broken down."
The Vieira situation has dragged on through the latter half of the summer, and Gunners fans are fearful of losing the midfielder.
It is widely believed that Arsenal will launch a bid for Porto and Portugal star Maniche if Vieira does choose to depart for the Spanish giants.
Maniche would not be a direct replacement for Vieira, but Arsene Wenger is expected to push Lauren into the more defensive central role should his skipper depart.
