According to the Daily Mail, Arsenal is about to complete a club record £15 milion transfer of Santi Cazorla by Tuesday.
Malaga is reportedly holding out for £20 million, but Arsenal hopes the cash-strapped club will seal the deal by the debt deadline imposed.
Cazorla, 27, is a key signing with Robin van Persie about to leave the club. Arsenal tried for the Spaniard's services last year, only to have Malaga beat them to the punch.
But the Spanish club has to clear its debts by the end of the month or face relegation to Spain's second tier, the loss of their UEFA license and Champions League expulsion.