Arsenal secures a $43 million transfer agreement with Spanish sensation Mikel Merino

Real Sociedad's standout player Mikel Merino is nearing his highly anticipated transfer to Arsenal, as the two clubs have reached an agreement on a lucrative £32.5m ($43m) deal.

Merino reportedly agreed personal terms with the Gunners earlier this month, but La Real were holding out for an increased fee, with the Spain international into the final year of his contract in San Sebastian.

With the Premier League and La Liga transfer windows closing on August 30, Arsenal have stepped up talks, with The Athletic's David Ornstein claiming a deal is almost done.

Arsenal strike agreement in principle with Real Sociedad to sign Mikel Merino. €33.5m + €5m add-ons. Personal terms done for 28yo to join #AFC from #Sociedad on 4yr contract + option of 5th in club favour. W/ @MarioCortegana @gunnerblog @TheAthleticFC https://t.co/sN0GBu90Nk

As part of the extended negotiations, Arsenal have looked to secure a structured agreement, with an up front £28.5m ($37m) fee, followed by £4m ($6m) in add-ons.

Merino will sign a four-year contract at the Emirates Stadium in the coming days with a club announcement incoming.

The 28-year-old is in line to become Arsenal's third signing of the summer after agreeing a permanent deal for his Spain teammate David Raya and Riccardo Calafiori.

Mikel Arteta's side opened their EPL season with a 2-0 home win over Wolves, as the Gunners aim to wrestle the Premier League title away from Manchester City, and they head to Aston Villa on August 24.