Arsenal miss out on the promising Argentine with Inter Milan first to his signature.

Arsenal haven't exactly kept their promise of opening their purse-strings in the transfer market this summer. Though they have been linked to many players, the Gunners have only managed to bring in little-known Carl Jenkinsson from Charlton Athletic.

With the looming departures of Arsenal's spine - Cesc Fabregas and Samir Nasri - Velez Sarsfield midfielder Ricardo Alvarez was strongly linked with the London side as a replacement.

However, Italian giants Inter Milan have raced to secure his signature and have landed him for a fee of £10.6 million. Reportedly, he will undergo a medical and agree personal terms at Inter on Thursday. Inter have completed 90% of the deal, and will buy out the remaining 10% once the player makes 80 first team appearances.

The 23-year-old Alvarez made his debut in 2008 at Velez and played 44 times for the club. His recent displays in the Argentine Primera Division has earned him many praises.