Arsenal to take advantage of Barcelona's financial woes and sign key player: report

Arsenal are looking to take advantage of Barcelona's poor financial situation by stealing one of their current players, who isn't actually at the club permanently. 

While the Gunners added Declan Rice, Kai Havertz, Jurrien Timber and David Raya to their squad in the summer, Mikel Arteta still wants extra quality in order to compete for the biggest honours in England and in Europe. 

One player has caught Arsenal's eye in their search, with a potential deal made easier due to his availability and seeming lack of competition. 

Xavi celebrates Barcelona's LaLiga title at Camp Nou in May 2023.

Despite success under Xavi, Barcelona have huge financial issues to deal with (Image credit: Getty Images)

According to Spanish outlet Sport, Arsenal are prepared to match Manchester City's £45m valuation of Joao Cancelo next summer, despite Barcelona's desire to sign the Portuguese full-back on a permanent deal.

Since arriving on loan at Barcelona, Cancelo has been an integral member of Xavi's squad. He has started 15 of a possible 16 games so far this season, contributing three goals and two assists in that time as well.

But while Barcelona want to make his move permanent, the Catalan giants' financial plight makes a potential transfer fee difficult to conclude. La Liga slashed their spending limit considerably for this season, and will continue to do so until Barcelona address their over-spending. 

Joao Cancelo of FC Barcelona with the ball during the LaLiga EA Sports match between FC Barcelona and Athletic Bilbao at Estadi Olimpic Lluis Companys on October 22, 2023 in Barcelona, Spain. (Photo by Pedro Salado/Quality Sport Images/Getty Images)

Cancelo has impressed at Barca, but they might not be able to make his move permanent (Image credit: Getty Images)

As a result, Arsenal are looking to take advantage of the situation by launching a bid of their own. Last season they signed Oleksandr Zinchenko and Gabriel Jesus from Manchester City, and will look to add another of Pep Guardiola's squad to their team at the Emirates. 

With his contract expiring in June 2027, Manchester City aren't willing to let the 29-year-old leave in a cut-price deal, regardless of his relationship with Guardiola. Arteta could entice Cancelo to north London, though, having briefly worked with him at Man City in 2019.