Arsenal have up to £70m available to make an improved bid for Crystal Palace forward Wilfried Zaha

Arsenal has already launched a £40m bid for Zaha, which was rejected by Palace, who value him at £80m and do not want to sell having already lost Aaron Wan-Bissaka this summer.

Arsenal is expected to come back in for the 26-year-old, but it is thought they do not have much more cash in reserve - something not to be the case. 

"We know that Arsenal have made a bid of £40m and we know that Crystal Palace is not going to sell him for that kind of money," he said. "They are looking for at least double that if they decide to let him go."

"People are expecting Arsenal to come in with another bid, and we have spoken to people involved in the negotiations and an improved bid has not been made yet. There is a very big expectation that Arsenal will make that improved bid.

"Interestingly, we have read that Arsenal's transfer budget this summer, because they have missed out on the Champions League, is just £45m, plus what they can raise from selling players.

"We have kept reading that, £45m. People are thinking 'why are Arsenal trying to sign a player who Crystal Palace are saying is worth £80m when they only have £45m?'

"What I understand is that it suits Arsenal that people think they only have £45m because when they get into negotiations over a player, the selling club is going to think Arsenal don't have much money.

"What I have been told is that this is a bit of a smokescreen and Arsenal can go up to £70m to buy Wilfred Zaha. £70m is the point at which they would walk away. A deal that would be worth £70m in total.

"We just have to take it with a pinch of salt that Arsenal only has £45m. They are one of the biggest clubs in the world. We are not talking about £300m for Neymar, this is £70m in total. I think Arsenal can do that."