[Felice De Martino/SPP]

ARSENAL are closing in on a deal for Riccardo Calafiori after holding further talks with Bologna this week.

The Italian defender (pictured) is understood to have already agreed personal terms, with reports claiming the 22-year-old is ready and waiting to sign a five-year deal at the Emirates.

Negotiations over the fee and the structure of payments are progressing well, with Bologna said to be looking to receive in the region of £42million. That’s a tidy profit for a player they signed from Basel just 12 months ago for just shy of £3.4m – although the Swiss club are understood to be due 50 per cent of any profit made.

Calafiori impressed on his major tournament debut for the Azzurri this summer, earning his place in the Italy squad after excelling at Bologna last season – where, as part of a three-man defence, he helped the club qualify for the Champions League.

As well as providing some much-needed competition and cover for Gabriel Magalhaes and William Saliba, Calafiori can also play at left-back. Many are predicting that his arrival, combined with Jurrien Timber’s return to full fitness, will hasten the departures of Jakub Kiwior and Oleksandr Zinchenko.

Arsenal boss Mikel Arteta is keen to complete the transfer before the Gunners depart for their pre-season tour of the United States next week. Meanwhile, Wolverhampton Wanderers have rejected a £50,000 bid from Arsenal for goalkeeper Daniel Bentley. The north Londoners are searching for back-up for David Raya, with doubts surrounding Aaron Ramsdale’s future at the club.

But the Gunners’ offer falls well short of Wolves’ valuation. Gary O’Neil’s side are in no hurry to sell the 30-year-old shot-stopper, unless they receive a suitable offer that would allow them to reinvest in their squad.

One thing that is for sure is that the rumour mill shows no signs of slowing down, especially after Arteta made his intentions this summer crystal clear.

“We are looking to improve in every possible department,” the Spaniard told ESPN.

“With the new regulations, there are certain things we have to respect and be conscious of, and then obviously the Euros and Copa America are slowing everything down. Hopefully now it is going to pick up a little bit.”