Arsenal are hopeful of salvaging a loan deal with Bayer Leverkusen for the services of Piero Hincapié , who a source said has already agreed terms.

The Premier League title hopefuls have already spent more than £250 million ($338m) in the summer transfer window to strengthen the squad and cannot afford to sign the Ecuador international in a direct transfer.

Over the last few hours, Arsenal have intensified negotiations with Leverkusen to allow them to postpone the payment through a loan with an obligation to sign Hincapié next summer.

One source close to the negotiation has confirmed to ESPN that Arsenal already have everything agreed with the player and, after the latest talks, there is optimism that Leverkusen will also give the green light to close the deal before the end of

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