Arteta identified Merino as his top target to strengthen his midfield over the summer but Arsenal have struggled to reach an agreement with the Spanish side for the Euro 2024 winner.
However, according to Estadio Deportivo, both clubs have now reached an agreement for a deal worth around £30 million with the hope of finalising terms over the weekend.
Arteta, though, was keen to keep his cards close to his chest when asked about the potential signing ahead of the Gunners’ opening Premier League fixture at home against Wolves.
‘You know that I cannot talk about any other players, the Spaniard said when asked about the Mernio deal at his pre-match press conference.
When pressed more generally about the club’s transfer strategy, he said: ‘Before the season we had two objectives. The main one was to make sure that we are very much in love with our players and find ways to improve them because that’s the main thing.
‘Then okay if there are still certain opportunities in the market to improve the squad we have to look at that, that’s what we are trying to do.’
Riccardo Calafiori’s arrival from Bologna and David Raya’s permanent move from Brentford represent Arsenal’s only moves of the window thus far.
The club have been heavily linked with a move for a striker this window to provide more attacking thrust in central areas, but Arteta has thrown his support behind Gabriel Jesus and Eddie Nketiah who are still at the club.
‘We have great strikers already, we have a great attacking line and I’m really pleased with it,’ he said.
Arteta confirmed that Jurrien Timber is available for Saturday’s clash having picked up a small knock towards the end of pre-season.
But Arsenal will be without defensive duo Takehiro Tomiyasu and Kieran Tierney who are still recovering from their respective injuries.
