Valencia striker Paco Alcacer is set to sign a new deal with the Spanish club, putting to an end any hopes Arsenal and Chelsea have of capturing the young goalscoring sensation, as reported by the Daily Star.
The 21 year old striker has emerged as a target for both London clubs in recent weeks, having started the new season in blistering form for Los Che.
Backed by Billionaire Peter Lim’s funds, however, the Spanish club were never likely to let Alcacer leave without something of a battle, and they are now set to spurn interest from the Premier League clubs by securing him to a new contract.
Reports in Spain had previously linked the two rivals with a move for the striker, with a clause in his deal allowing the player to leave Valencia for only £14.5 million.
Valued at well less than his true price, both clubs saw a bargain afoot, but Valencia are now set to stop that by agreeing new terms with the player.
There had been previous suggestions that the buyout clause would be raised to a more realistic £25 million.