The deal, which runs until June 2025, will include a release clause of between £ 54 million and £ 73 million.
Although it is unlikely that this summer will bring Fernandes north of London, there is still hope for the Gunners.
Fernandes is represented by agent Kia Joorabchian, who has a growing influence on Arsenal and has long been a friend of the technical director, Edu.
Joorabchian’s company, Sports Invest UK, represents players including David Luiz and Cedric Soares, both of whom have recently agreed to agreements with Arsenal.
