Jorge Higuain played down suggestions that personal terms ? reported to be ?130,000 a week ? have been agreed, but said a deal is close to join the Premier League side.
He insisted: ?Nothing has yet been signed but I assure you the negotiations between the clubs are at an advanced stage.
?We won?t agree a contract before the clubs reach a transfer deal. I?m sure Arsenal made a big offer, and Juventus.?
Higuain, 25, is renowned for his pace and strength and has been tipped to torment Premier League defences.
Higuain joined Real Madrid from River Plate in 2006, and has racked up 48 goals in 80 games in the last three seasons alone.
Boss Arsene Wenger wants Higuain to reignite his front line, and fill the void left by Robin van Persie last season.