Arsenal 'are keen to make a shock bid for Joao Cancelo but fear Man City will refuse to sell to them' after Bayern Munich decided he has no future with them

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Arsenal are reportedly preparing a bid that would see them spend heavily on Manchester City's Portuguese full-back Joao Cancelo.

Mikel Arteta is keen to reinforce his side after a failed Premier League title bid saw them lead for 93 per cent of the season but look set to fall short with Man City maintaining a four point lead and game in hand at the top.

Arsenal have apparently identified Cancelo - who was shipped out on a midseason loan to Bayern Munich after falling out with Pep Guardiola - as a great option to improve their defensive quality, according to The Telegraph.

However, the Gunners are said to be fearful that City would be unwilling to let another of their best players go to a Premier League rival after selling Gabriel Jesus and Oleksandr Zinchenko to Arsenal last summer.

Both of those players have been influential for Arteta's side challenging for the title this campaign and that may cause City to put the brakes on any dealings with the Gunners in the upcoming transfer window.

Arsenal are reportedly keen to try and seal the summer transfer of Portuguese full-back Joao Cancelo

Mikel Arteta wants to reinforce his squad in the summer after falling short of the Premier League title

His addition would further increase title-winning experience within Arsenal's young squad with Cancelo playing a key role in two of City's Premier League title triumphs.

Cancelo has made 19 appearances in all competitions for the German giants this season but isn't expected to stay at Bayern past this season who have an option to buy the attacking full-back.

Bayern have turned down the £60million fee that Cancelo's permanent transfer commands, leaving the door open for a Premier League side to try and negotiate a move with City.

The 28-year-old is no stranger to the Arsenal manager's beliefs having briefly worked with Arteta during the Spaniard's time as Guardiola's assistant at Man City before he left to take charge at the Gunners.

But, Arsenal would likely face competition for Cancelo and interest from outside England could tempt City to sell abroad rather than strengthen one of their competitors.

Barcelona hold reported interest in the City wantaway, however, would look to bring him on another loan deal given their financial struggles that will impact potential transfers.

Meanwhile, Arsenal are also preparing a near £100m bid for West Ham captain Declan Rice who's capture is viewed as a key part of their transfer plans.

Cancelo (left) has won two Premier League titles during his time at Manchester City

Cancelo (right) was sent out on loan to Bayern Munich after falling out with Pep Guardiola (left)

There is rumoured concern that Guardiola's (left) Man City won't negotiate with Arteta's (right) Arsenal

Rice is expected to leave the Hammers as he looks to join a Premier League side capable of offering Champions League football next season.

The Gunners are ready to offer £90m for Rice and have discussed offering a £300,000-per-week salary that would make him one of the Premier League's highest paid players.

West Ham want over £100m for their star player but there is a reluctance to match that fee, although it is expected that Arsenal will break their existing record purchase this summer.

Some funds will be raised by selling fringe players such as Granit Xhaka who is wanted by Bayern Leverkusen and Kieran Tierney who is being looked at by Newcastle United after struggling for regular minutes this season.