Arsenal are working hard to wrap up a deal for Shakhtar Donetsk winger Mykhaylo Mudryk before they play Tottenham and Manchester United this month.

The Gunners have made an improved offer for Mudryk, believed to be close to £60 million ($72.2 million), after making him their top January transfer target.

After having an opening bid of around £55 million ($66.2 million) rejected over Christmas, Arsenal have now crucially offered to pay Shakhtar more of the fee upfront, with the structuring of payments set to be key to getting a deal for the Ukraine international over the line.

Shakhtar have publicly stated they want £85 million ($102.3 million) for Mudryk, but the clubs are in daily dialogue and it is hoped a compromise can be reached. Mudryk is keen on a move to Emirates Stadium and personal terms are not expected to be an issue.

The 21-year-old, who is preparing for Shakhtar’s mid-season trip to Turkey next week, has posted on social media to show himself watching the last two Arsenal matches.

The Gunners played Newcastle on Tuesday night, which put them eight points clear of Manchester City after a disappointing nil-all draw with the Magpies. The match marked the start a tough run of games before their showdown with title rivals Manchester City on February 15.

Arsenal face Tottenham on January 15 and they are pushing to bring in Mudryk to boost their firepower ahead of the north London derby at the Tottenham Hotspur Stadium. Manager Mikel Arteta has already spoken about the benefit of doing transfer business early this month, as Arsenal target their first Premier League title since 2004.

“We knew the importance of getting players early in the summer, and that is the same we want to do in January,” said Arteta on Boxing Day. “This is idealistic. Sometimes it is not realistic. But, obviously, if you ask my opinion, as quick as possible we want the players in to get settled.”

Arsenal and Shakhtar are continuing negotiations today and, at present, no other club is in formal talks for Mudryk. However, there has been talk Chelsea joining the race to sign Mudryk.

The Gunners are one of a number of clubs who have also been offered the chance to sign Portugal star Joao Felix on loan from Atletico Madrid, but they are being put off by the cost of a potential deal for the 23-year-old.

Long-term, Arsenal want to bolster their squad further by signing a left-sided centre-back and a new midfielder. The Premier League leaders have hit the ground running since the season resumed after World Cup break, beating West Ham and Brighton and scoring seven goals.

Arteta, however, is wary of the threat Newcastle poses in their Premier League title hint, with Eddie Howe’s side third in the table and targeting Champions League qualification.

“A very good team, really well coached,” said Arteta. “I think what Eddie has done in that short period of time, when you look at the numbers, incredible big credit to him and the coaching staff. And then they have created a belief, a momentum around the team that they play the same way against any opponent.”

Arteta has refused to get carried away by the position Arsenal are in.

• The Evening Standard report