The Premier League runners up want to strengthen their midfield, with Thomas Partey likely to leave.
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Per The Mirror, Fofana could be on the market for a fee as little as £13 million.
He only has one year left on his contract with Monaco, with the French club eager to sell.
While they may want a higher fee for Fofana in an ideal world, he can leave as a free agent in a year’s time.
Arsenal may be able to force their hand, especially if Fofana declares the Gunners as his preferred destination.