90min rounds up the latest Arsenal transfer news, rumours and gossip circulating around the world...

Arsenal will welcome any offers for winger Nicolas Pepe, who will return to the club this summer after his loan with Nice ended. The desire to offload the Ivorian is so strong that a contract termination could be an option. (Telegraph)

The signing of West Ham midfielder Declan Rice is close to a conclusion, with an initial £92m spend plus £8m in add-ons enough to get a deal done. (Football Insider)

Signing a new midfielder will see Arsenal finally approve an exit for Granit Xhaka. A switch to Bayer Leverkusen has been agreed but the Gunners have been delaying the final approval until they had a replacement ready. (Chris Wheatley)

Talks have been held with the agent of striker Folarin Balogun, who has attracted interest from both inside the Premier League and with German side RB Leipzig. (Sky Sports)

Juventus are also interested in striking a deal to sign Balogun this summer. (Rudy Galetti)

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After signing Rice, Arsenal have not yet ruled out a move for Brighton midfielder Moises Caicedo as well, but Chelsea are keen to win the race for the Ecuador international's signature. He is expected to cost over £70m. (Telegraph)

Chelsea are in talks with Caicedo as they seek to beat Arsenal to his signature. (Rudy Galetti)

Arsenal made an approach to Sporting CP over 19-year-old centre-back Ousmane Diomande but were swiftly knocked back. (Record)

The Gunners are set to go head-to-head with Tottenham over Galatasaray centre-back Victor Nelsson. (Yagiz Sabuncuoglu)

AC Milan have not yet given up hope of convincing Reiss Nelson to leave Arsenal and will continue to push until he puts pen to paper on a new contract which has already been verbally agreed. (Gianluca Di Marzio)

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On this week's edition of Talking Transfers, part of the 90min podcast network, Toby Cudworth is joined by Graeme Bailey and Sean Walsh to discuss the latest transfer news. They discuss the future of Kylian Mbappe, Lionel Messi's shock move to Inter Miami, Declan Rice's proposed Arsenal deal, Tottenham's summer plans and more.

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This article was originally published on 90min as Arsenal transfer news: Pepe contract termination considered; Caicedo talks continue.