It's been over a month since the transfer window officially opened, although so far, Arsenal haven't done much at all.

In their defence, the Euros and Copa América have made things slightly more complicated, but with David Raya's permanent move the only bit of first-team business thus far, fans are starting to get a little restless.

Fortunately, it does appear that Edu Gaspar and Co are getting closer to welcoming two new faces to the club, Riccardo Calafiori and Mikel Merino, although it's still unclear when those deals will be completed.

The latter played his part in Spain's European triumph last week, and while he'd be an exceptional addition to Mikel Arteta's squad, the Spaniard already has a player who can occupy his position who's worth substantially more.

The latest on Mikel Merino

Merino has been linked with a move to Arsenal for what feels like months at this point, but a report from Spanish publication Mundo Deportivo late last week claimed that the midfielder is likely leaning towards leaving Real Sociedad this summer and would earn the 'contract of a lifetime' were he to join the Gunners.

Just two days prior to that report, another one from Italy claimed that while the 28-year-old has a release clause, he'll likely move for around €40m, which is about £34m, due to his current contract expiring next summer.

While it would be a departure from the North Londoners' recent habit of buying up-and-coming stars, signing the European Champions for a fee that low would represent a seriously good deal, as he was excellent for La Real last season.

For example, despite spending most of last season as a central midfielder, the Pamplona-born star scored eight goals and provided five assists in 45 games for the Basque club.

However, arguably his most impressive statistic is that according to Squawka, the 6 foot 2 titan won 326 duels last season and was the only player across Europe's top seven leagues to win in excess of 300, showing how useful he could be as a disruptive force for Arteta's midfield next season.

In all, Merino looks like he'd be an incredible signing for Arsenal, but his arrival may lead to a tactical change or two at the Emirates, as the club already have a star who can operate in central midfield, and he's worth tens of millions more.

Declan Rice's valuation in 2024

Yes, the Arsenal star in question is none other than club record signing Declan Rice, who made his way to North London from West Ham United last summer for a cool £105m.

In the year since, he has made 51 appearances for the Gunners, scoring seven goals and providing ten assists, which equates to a goal involvement every three games.

The Englishman was able to improve his attacking output so much last season thanks to Arteta starting him as the team's left-eight on 19 occasions, which may well not happen upon the signing of Merino.

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Champions League

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FA Cup

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However, the "phenomenal" 25-year-old, as dubbed by respected analyst EBL, would still be worth considerably more than his new teammate.

According to Transfermarkt, he's now worth €120m, which converts to around £101m, and after his impressive debut campaign with the Gunners, it would be hard to dispute that valuation.

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Ultimately, Merino looks like he'll be a fantastic addition to Arsenal next season, and while he will probably take the left-eight role, he'd have to have a genuinely world-class campaign to increase his valuation to anything like Rice's.