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Arsenal 'are set to miss out on £17m wonderkid', with Barcelona closing in on move for highly-rated 18-year-old - who was 'long term target for Gunners'

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Arsenal have taken a sucker punch in the transfer market as another European giant are reportedly closing in on a deal for one of their long-term targets.

The youngster, who has been turning heads right across Europe this season, has been a subject of interest for the Gunners for a while.

But now Barcelona have held meetings with the 18-year-old starlet, who Arsenal have previously bid for, and discussed his transfer.

Deco, Barcelona's new sporting director, met with the former Real Madrid youth player yesterday to discuss a move to the Nou Camp, according to Marca.