Arsenal manager Arsene Wenger has confirmed that the club have a "chance" of signing Gabriel Paulista from Villarreal before the close of the transfer window.

The North London outfit have targeted the 24-year-old as they attempt to strengthen their defence, which has suffered numerous injury woes this season.

Reports have claimed that there is a £15m buyout clause in Paulista's contract, but Wenger has remained tight-lipped on the fee that Arsenal are willing to meet.

"The talks are progressing quite well," Wenger told reporters. "I don't think there's a need to say much more. We are talking at the moment - can we find an agreement? I don't know. We are slowly progressing. There's a chance.

"We are ready to pay the price for a good player. If we think it's the right price, we will pay."

Arsenal made their first January signing yesterday when they sealed the signature of Krystian Bielik from Legia Warsaw.