Arsenal still face HUGE competition for £72m Nicolas Pepe – with Man Utd and FOUR other clubs chasing

ARSENAL last night agreed a stunning £72million fee for Nicolas Pepe — but face huge competition to land him.

The Lille forward, 24, has interest from five other clubs and expects Manchester United to enter the race for his signature.

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Unai Emery’s hopes of smashing Arsenal’s transfer record rest on agreeing wages before Champions League teams move in.

Paris Saint-Germain want to keep the Ivory Coast star in France, while Italian pair Napoli and Inter Milan are also willing to meet his asking price — and Atletico Madrid have registered an interest.

Pepe’s representatives were in Naples last week but could not agree personal terms for him to join Carlo Ancelotti’s side.

United have also been looking for a right-winger and have 12 days to join the race before the Prem’s transfer deadline.

Emery has already had a bid rejected for Crystal Palace’s Wilfried Zaha.

The Gunners are on a limited budget after failing to reach the Champions League but the Pepe deal would be paid over the course of his contract at the Emirates Stadium.

Emery hopes Pepe can form an attack with £60m record signing Pierre-Emerick Aubameyang.

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And this deal, although paid over a series of windows, is seen as a sign of intent from Arsenal.

And Gunners' fans on social media were delighted at the ambitious move.

One supporter, tired of missing out on top players, tweeted: "Genuinely crazy how willing I am to forgive and forget everything if this one player signs."