By Sami Mokbel and Chris Wheeler
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Arsenal have finally joined the Premier League's biggest spenders after finalising a record-breaking deal to sign Real Madrid striker Gonzalo Higuain that could be worth a staggering 50million.
And the club's billionaire shareholder Alisher Usmanov has also urged manager Arsene Wenger to keep splashing the cash with a move for Wayne Rooney.
It was earlier this month that Arsenal chief executive Ivan Gazidis said the club were now in a financial position to be pursue Europe's more expensive players, and so appease supporters long frustrated by Wenger's more frugal approach in the transfer market.
Key recruit: Argentina striker Gonzalo Higuain is on his way to Arsenal
Higuain is the first real evidence of a shift. As revealed by Sportsmail on Tuesday, Higuain has agreed to join Arsenal next season after successful talks between Arsenal chiefs and the Argentine's representatives.
It is understood the 25-year-old has agreed a four-year contract, which inclusive of bonuses is worth up to 150,000 per week.
And the clubs have now virtually agreed a 22million fee for the striker, who has scored 117 goals for Real since his arrival from River Plate in 2006.
Only the fact the Spanish club do not have a manager in position to sign the deal off is delaying the completion of the transfer.
On his way? Wayne Rooney may yet join Higuain at Arsenal
Carlo Ancelotti is expected to be appointed as Jose Mourinho's replacement in the coming days and barring the unexpected prospect of Ancelotti blocking the move, Higuain will complete his switch to the Emirates Stadium.
The signing of such a stellar name as Higuain provides evidence that the Gunners, after years of light spending in the transfer market, can now compete for some of the world's top stars.
Higuain will become Arsenal's most expensive ever signing, surpassing the 15million paid to Zenit St Petersburg for Andrey Arshavin.
He will also be the club's top earner, overtaking Theo Walcott and Lukas Podolski, who earn in the region of 100,00-per-week.
Usurped? Theo Walcott and Lukas Podolski will no longer be the club's top earners when Higuain arrives
Higuain's capture will take a healthy chunk out of Wenger's 70million summer warchest - but Usmanov, the club's second biggest shareholder, now wants the Gunners to land Rooney.
As revealed by Sportsmail last month, Wenger has a concrete interest in the unsettled Manchester United striker, despite the fact his 250,000-per-week wages would provide a major stumbling block towards a shock move.
The pending signing of Higuain makes a move for Rooney less likely, but Usmanov said: 'He is a great player and [joining Arsenal] would be great for Rooney, and Arsenal too.'
If Rooney does leave Manchester United this summer, Chelsea remain the favourites to sign him.
Change in policy: Arsene Wenger is now finally splashing the cash
Sportsmail understands that Chelsea remain Rooney's preferred destination should the unsettled England striker decide to leave United after nine years.
He believes he is more likely to fulfill his ambitions with the Europa League winners, while Chelsea are also more capable of matching his 250,000-a-week wages.
Rooney told United he wanted to go before the end of last season and is unlikely to change his mind despite the appointment of his old Everton manager David Moyes as Sir Alex Ferguson's replacement.
He is currently on holiday and has not yet had a proper discussion with Moyes about his future, although the two men are expected to meet on his return.
Incoming? Thiago Alcantara is a target of Manchester United
Moyes could yet persuade Rooney to stay and extend a contract that is due to run out in two years' time. It is also possible the 27-year-old may move abroad if there is interest from one of Europe's top clubs.
United, meanwhile, are close to signing Barcelona's Spain Under 21 midfielder Thiago Alcantara, who has been offered wages of 5m a year.
So arsenal and fans, what are you going to say now? After complaining and crying about "financial doping" from "sugar daddies" , who's buying success now? Hypocrites - BigJD, Los Angeles, United States, 20/6/2013..... Mor0n, but considering you are an American, your views on football are bleak. Arsenal spend money THEY make, not money an owner pumps into the club. Everything Arsenal have spent is through tv revenue, player sales, sponsorship etc.. But you wouldn't know that being an American
- kona , London, 22/6/2013 00:30
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