David Luiz is "preparing to renew" his contract with Arsenal, according to Benfica president Luis Filipe Vieira, who says his club cannot afford to re-sign the Brazilian ace at the moment.
Luiz joined Arsenal from Chelsea for £8 million last summer, committing to a one-season deal with the option of an extra year after being deemed surplus to requirements at Stamford Bridge.
The 33-year-old has been a fixture in the Gunners' starting line-up in 2019-20, with his experience a key asset for head coach Mikel Arteta.
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Goal has reported that the Gunners have not yet opened negotiations with Luiz over fresh terms, despite the fact he is set to become a free agent at the end of June.