After a summer of frustration last year, Arsenal manager Arsene Wenger continues to look to do his transfer business early this time around.

The Metro reports on Wednesday that the club has already tied-up a deal for long-time target Yann M'Vila. Referring to reports in France, the story claims that a £17 million fee has been agreed with French club Rennes for the 21-year-old. M'Vila is thought to have agreed to a four-year-contract worth £60,000 a week.

Arsenal is widely considered favorites to land the highly-regarded defensive midfielder, despite Inter's interest in the player. However, it is unlikely any deal will be finalized before Sunday at the earliest, when Arsenal should discover whether they will qualify for the Champions League next season.

Arsenal looks to have missed out on the signing of Ajax defender Jan Vertonghen, however. Goal.com claims to have an exclusive report revealing that the Belgium international has elected to join the Gunners' North-London rivals Tottenham instead.

According to the story, the 25-year-old will move for around £8 million and could visit the club to help finalize the deal in the next few days.

Tottenham are absolutely my favorite, the defender told De Telegraaf, according to Goal.com. Tottenham is a fantastic football club that has the tradition I want. They buy young, eager, offensive-minded players.

Another long-mooted Arsenal target may also shortly be moving elsewhere. Anderlecht midfielder Lucas Biglia has admitted there has been interest from both the Gunners and Real Madrid, but that if the Spanish giants make an offer there will be only one winner, according to Goal.com.

There has been contact with Real Madrid and Arsenal and we are waiting, the midfielder reportedly said.

If Real Madrid decides to make an offer, everything else would be put in the background. We'll see what happens.

Arsenal may have more luck with their reported pursuit of Sunderland's Stephane Sessegnon. The Sunderland Echo quotes a story from L'Equipe claiming that Wenger is keen to add the Wearsiders' player of the season to his squad for next summer.

The price could be a major stumbling block, however, with Sunderland said to want close to £18 million for the 27-year-old attacking midfielder.

A report in the Daily Mail on Wednesday also links Arsenal with a move for Swansea goalkeeper Michel Vorm. The Dutch stopper has been a revelation during his debut season in English soccer and has played a considerable part in the Welsh club's impressive first Premier League campaign after promotion.

Manuel Almunia looks certain to depart the Emirates this summer, while fellow keeper Lukasz Fabianski could follow suit. That would leave Wenger needing to find support for current No. 1 Wojciech Szczesny. The chances of Vorm being persuaded to warm the Arsenal bench seem slim, though.