Arsenal could miss out on the signing of Lazio midfielder Sergej Milinkovic-Savic, with Newcastle set to step up their interest in the Serbian, according to reports in Italy.

The Magpies are believed to be lining up a €60m (£53m) offer for the playmaker during the January transfer window, and they are willing to table a €10m (£8.9m) a year contract, with a €12m (£9.75m) signing-on fee.

Milinkovic-Savic has just eighteen months left on his current deal at Lazio, and the Serie A club’s president Claudio Lotito has been trying to tie down the player for the long term.

However, the 27-year-old seems to be looking to leave the Stadio Olimpico after having spent seven and a half years in Italy. Whether he will be open to making the switch to Newcastle, though, it is up for debate.

Arsenal (along with the Magpies) were linked with a move for Milinkovic-Savic last summer, only for the player to reject their advances. Chelsea and Manchester United were also interested in recruiting the player at the time and it appears he wasn’t too keen on a transfer to the Emirates or St James’ Park. With both teams now flying high in the Premier League, though, he may have had a change of heart.