According to the BBC's David Ornstein (or "The Ornacle," as some on Twitter are calling him), Arsenal are mere metaphorical inches from completing the signing of Barcelona forward Alexis Sanchez. Sayeth the man himself:
For those of you who haven't been through a summer transfer window, David Ornstein is the most reliable reporter around on Arsenal. Word from Ornstein is typically, though not always, the last step before news is made official on the club website. It's not completed, for sure, but this is the thing we've been waiting for. Before the other thing we've been waiting for. Which is a picture of him holding a shirt with Arsene Wenger. We're still waiting on that one.
Obviously there's no word on wages there, but frankly, if it's anything like the £30 million-ish fee, this isn't just going to be Arsenal getting a really good player. It's Arsenal getting a really good player for relatively cheap.
Others reported similarly yesterday, including Guillem Balague and Stan Collymore (with a quote from Wenger himself!), but when The Ornacle speaks, we listen.