Arsenal have historically pivoted well after missing out on transfer targets, but losing the race for Declan Rice would be a hammer blow.
Rice is Arsenal’s No1 target this summer and has been so for months leading into this transfer window.
The Gunners are determined to kick on after narrowly missing out on the title and, at 24, Rice is viewed as a big part of the next phase of Mikel Arteta’s project. Sporting director Edu and the executive team have reacted well to missing out on targets in the past, most recently as January.
Arsenal wanted to sign Mykhailo Mudryk from Shakhtar Donetsk but, when Chelsea gazumped them, they swiftly swooped for Leandro Trossard from Brighton.
Last summer, Manchester United blew them out the water for Lisandro Martinez, so they changed tack to bring in Oleksandr Zinchenko. Rice, however, feels an entirely different case — not least because Arsenal risk losing him to their biggest rivals, Manchester City.
With just one transfer, the balance in the fight to be champions next May could take a huge swing — and would put Arsenal on the back foot before a ball has even been kicked.
This is a £100million player who Arsenal want to become a key cog of their midfield, and finding someone else that fits that criterion will be exceptionally difficult.
The obvious alternative is Moises Caicedo. Arsenal had two bids rejected for the Brighton midfielder in January, the second of which was worth £70m, and they retain an interest in him. Chelsea, however, are currently viewed as the frontrunners for the 21-year-old.
Southampton midfielder Romeo Lavia is another option. The 19-year-old would cost around £40m-£50m and Arsenal have a good relationship with his agent, who looks after Bukayo Saka. Lavia, however, is not yet in the same class as Rice, and trusting him with a major role would be a huge risk.