According to reports, English Premier League giant Arsenal are ready to lose out on their goalkeeper target as he is set to sign a new deal that will include a buyout clause.

North London club Arsenal and Spanish La Liga side Real Madrid target Kepa Arrizabalaga is prepared to sign a new contract with La Liga side Athletic Bilbao.

As per a report by Marca, the 23-year-old Atletico Bilbao goalie has all but agreed a new deal with a salary rise amounting to about £2.7million and his release clause thought to be around £8.8million will rise to a staggering £66.5million.

The safe hand is out of contract next summer, and he recently demanded a new deal with a huge pay rise. Goalkeeper Kepa Arrizabalaga is able to negotiate the move with foreign suitors later in the new year, but he looks prepared to agree on a new deal at the Basque team, and the new release clause will keep other suitors including North London club Arsenal at bay.

The Spaniard, who has attracted huge comparisons to Man Utd first-choice goalkeeper and Spain international goalkeeper David De Gea, has been interesting Arsenal, Spanish Champions Real Madrid and Napoli.