Arsenal are ready to finalize a new contract with manager Mikel Arteta, whose current deal expires at the end of next season.

However, nothing is expected to be completed before Arteta returns from holiday.

But it is understood that there was positive progress during initial conversations, amid expectation that it is a case of when, not if, the 44-year-old renews.

According to the BBC Sport, it would be a fresh three-year contract, with a big bump on his current wages.

Arteta currently earns £10m a season and a further £5m for Champions League qualification.

His new contract would make him the highest-paid manager in England following Pep Guardiola’s decision to leave Manchester City.

Guardiola’s deal was worth a minimum £20m a season. Arteta would move far closer to his compatriot’s earning power.