Arsenal are hoping to beat Tottenham to signing of Leicester City defender Ben Chilwell

Arsenal are preparing a fresh approach for Leicester City left-back Ben Chilwell after being rebuffed in their initial bid. The young defender is yet to make an appearance in the Premier League, but his performances in the League Cup and while on loan at Huddersfield Town have attracted interest from Premier League big guns, who are keen to wrap up the transfer during the ongoing January transfer window.

According to the Sun, the north London club are set to return with a £4m ($5.7m) approach after failing with an initial bid of around £3m ($4.2m). The report claims that any move for him by the Gunners could spell the end for Kieran Gibbs at Arsenal, as he is already struggling for regular game time after falling behind Nacho Monreal in the pecking order.

The 18-year-old left-back has impressed onlookers with his performances this season, and has also broken into the England U21 setup. The King Power Stadium outfit are reluctant to let Chilwell leave the club and are preparing to offer him improved terms to remain at the club despite interest from big Premier League clubs.

According to the Mirror, Tottenham Hotspur have also registered an interest and are reportedly willing to fight their arch rivals all the way to clinch the defender's signature. The White Hart Lane outfit had a first-hand view of his talents after he started both the FA Cup games between the two clubs earlier in the month.

The 12-time FA Cup champions, however, are unwilling to give up on their chase and are confident they can tie up the deal even if they have to wait until the summer to sign him. Chilwell is seen as a long-term replacement for Nacho Monreal, who recently agreed a new deal at the club, and this could mean the end for Kieran Gibbs. The England international has fallen out of favour this season, and has mainly been used as a substitute during games when Arsenal are defending a lead.

The Sun understands that the defender will wait until the summer to make a decision on his future, with Premier League clubs Newcastle United, Crystal Palace and Swansea City monitoring the situation.