Arsenal set to spend £42.5m on Mexican winger Hirving Lozano as Alexis Sanchez replacement

Arsenal have identified PSV Eindhoven winger Hirving Lozano as a potential replacement for Alexis Sanchez and are ready to make a big-money offer.

Sanchez was closing in on a move to Manchester City on transfer deadline day this past summer, but a deal was scuppered in the final minute.

The Chilean eventually remained at the Emirates Stadium with just a year left on his contract and is increasingly likely to leave next summer on a free transfer.

According to Mexican outlet Super Deportivo via The Mirror, the Gunners are now prepared to pay over £40m ($53,6m, €42.5m) for Lozano while The Sun claim the exact fee is £42.5m ($56.9m, €48m).

The 22-year-old nicknamed "Chucky" joined PSV earlier this year from Liga MX side Pachuca and has already caught the eyes of Arsenal's scouts, having already scored 10 goals in 15 league appearances for the Dutch side.

Lozano, who like Sanchez also operates on the left-wing, has impressed for his national side as well with five of his seven career international goals coming in his last eight appearances for El Tri this year.

In addition, the Mexican international was notably the top scorer in the 2017 CONCACAF Champions League as his eight goals helped Pachuca win the competition for the fifth time in the club's history.

While a price tag of £42.5m is being touted, it is contradictory to previous reports from ESPN in October stating that the former Pachuca man has a £30m release clause.

Lozano was previously linked with Manchester United, having professed an interest in joining the current Europa League champions back in April.

"I believe many [leagues] are beautiful, I like the English and the Spanish very much," Lozano said.

"But let's see how things are and decide. The one I would like most is Manchester [United]. I like this club a lot and it's a very important club," the Mexican forward added.