Arsenal’s hopes of signing Valencia centre-back Shkodran Mustafi has been dealt a huge blow as Serie A giants AC Milan have also joined the race to sign the German defender, according to reports from the Spanish media.

AC Milan are looking to strengthen their team after a poor campaign last season. One reason for the dismal season was the Rossoneri defence which conceded 43 goals in 38 league matches last season.

Therefore, in a bid to boost their back-line, Milan boss Vincenzo Montella is said to be looking to sign Valencia’s German defender Shkodran Mustafi, according to Spanish news outlet Plaza Deportiva.

Germany's defender Shkodran Mustafi reacts during the Euro 2016 semi-final football match between Germany and France at the Stade Velodrome in Marseille on July 7, 2016. / AFP / PATRIK STOLLARZ (Photo credit should read PATRIK STOLLARZ/AFP/Getty Images)

Both Arsenal and AC Milan are said to be vying for Mustafi’s signature. (Photo credit: PATRIK STOLLARZ/AFP/Getty Images)

Milan face stiff competition from Arsenal, who are also said to have made Mustafi one of their prime transfer targets this summer. The Gunners have been on the lookout for a defender this summer as their own star German centre-back Per Mertesacker is set to miss out a major part of the upcoming season due to an injury.

To add to their woes, their Brazilian defender Gabriel Paulista missed the Gunners’ pre-season tour due to an illness. This just leaves Laurent Koscielny, and youngsters Calum Chambers and Rob Holding to man the back-line for Arsenal.

AC Milan to get €100m transfer boost after Chinese takeover

Silvio Berlusconi has sold 99.93 per cent of his shares in AC Milan to a Chinese consortium for €740 million. The deal for the takeover of the club also includes the Chinese consortium absorbing the €220 million debt that Milan have been in, according to Italian newspaper La Gazzetta dello Sport.

MILAN, ITALY - MARCH 20: AC Milan president Silvio Berlusconi gestures before the Serie A match between AC Milan and SS Lazio at Stadio Giuseppe Meazza on March 20, 2016 in Milan, Italy. (Photo by Marco Luzzani/Getty Images)

Silvio Berlusconi is set to sell 99.3% of his shares at AC Milan. (Photo by Marco Luzzani/Getty Images)

Surprisingly however, Berlusconi did not sell his shares at the club to Galatioto Sports Partners, with whom Milan were said to be in negotiations for some time. Instead, the former Italian Prime Minister decided to sell his stakes to another Sino-European enterprise called Investment Management Changxing.

Galatioto Sports Partners have reportedly failed to come up with the funds that was required for the takeover of AC Milan and cover the club’s debts. Fosum International, a group that is headed by Portuguese super agent Jorge Mendes, was also said to be interested in buying out Berlusconi’s stakes.

The former Italian Prime Minister’s family is set to retain 0.07 per cent of the shares at the club they were in charge of for three decades. Berlusconi is also said to have ensured a hefty investment in Milan from the Chinese investors. The GDS report claims that the club’s new owners are set to invest around €350 million over the course of the next three years, out of which €100 million will be set aside as transfer budget this season.

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