Borussia Dortmund have agreed a deal to sign Chelsea forward Michy Batshuayi on loan for the rest of the season, subject to a medical.
The deal could hasten Arsenal’s signing of striker Pierre-Emerick Aubameyang, who Dortmund have said they will only sell if a replacement is found.
Chelsea could sign Olivier Giroud from the Gunners as a replacement for Batshuayi to complete a three-way deal.
The German transfer window closes at 17:00 GMT on Wednesday.
Belgium international Batshuayi has made 32 league appearances for Chelsea since joining the club from Marseille in July 2016, scoring seven goals.
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Blues manager Antonio Conte said earlier in the week that the 23-year-old was in contention to play in their Premier League match against Bournemouth on Wednesday (19:45 GMT kick-off).
The Stamford Bridge club have also held talks with Tottenham over a possible swap deal involving Spurs’ Spanish forward Fernando Llorente – but Batshuayi rejected the move as he wanted to be a first-choice striker.
Dortmund travel to Koln for their next Bundesliga match on 2 February.
Batshuayi began his professional career at Standard Liège in 2011, scoring 44 goals in 120 games across all competitions.
His 21 goals in the 2013–14 Belgian Pro League made him the second-highest scorer, and contributed to his Ebony Shoe Award.
He then transferred to Marseille for £4.5 million, helping them reach the 2016 Coupe de France Final.
In July 2016, he was signed by Chelsea for £33 million, and scored the goal that won the Premier League title in his debut season.
Batshuayi scored on his international debut for Belgium against Cyprus in March 2015. He was part of their side that reached the quarter-finals of UEFA Euro 2016.
