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Arsenal are reportedly eying a move for Ever Beneger as a possible replacement for Aaron Ramsey who has been tipped to exit the Emirate Stadium either in January or for free in summer.
The Welsh midfielder is expected to leave at the end of the season after the Gunners abruptly withdrew their contract offer.
According to the Daily Mail, the Gunners boss has his sights set on Argentina international Banega.
Emery reportedly believes the 30-year-old can play a key role at the Emirates following their time together at Sevilla and Valencia.
It is understood that Arsenal would be able to land the playmaker for £18 million due to a buy-out clause in his contract.
Arsenal’s move for Banega represents a significant shift in transfer policy, with Arsene Wenger having previously focused on younger players with massive upsides and re-sale potential.
The Gunners will also have to make a decision on whether to sell Ramsey in January or let him leave for nothing when his deal expires in the summer.
Manchester United reportedly made an offer of £50m for the Welshman over the summer, though Arsenal will not get anywhere near that figure in January.
Chelsea and Liverpool are also long-time admirers, while European giants Juventus and AC Milan have also shown interest in the former Cardiff man.