By London correspondent Tony Hughes

Hector Bellerin has signed a new Arsenal contract, according to a report.

Arsenal fans site Arseblog claims the right-back has agreed terms with the Gunners to ward off interest from Barcelona and Manchester City.

It is said that the deal is signed and sealed after City manager Pep Guardiola made an approach for Bellerin in the summer.

The report comes after Spanish publication Sport stated last week that Barcelona have “direct information” from Arsenal that Bellerin will put pen to paper in “one or two weeks”.

The Times also reported the Gunners had offered the Spain international a five-year deal that would almost double his pay packet of £50,000-a-week to £100,000-a-week.

Bellerin has emerged as the Premier League’s best right-back over the past 12 months and was rewarded for his excellent form by Arsenal with an improved deal in the summer of last year.

The 21-year-old has continued to make huge strides and has been an integral member of Arsene Wenger’s side this season.

Bellerin has started 14 of Arsenal’s 15 Premier League and Champions League matches, virtually ending the Gunners career of Mathieu Debuchy.

Wenger admitted last month that Arsenal are keen to tie the Spaniard down to a new contract.

At Barcelona, Bellerini was a member of the club’s famous La Masia academy and worked under Guardiola.

Making additions at full-back has been made a priority by City, as Gael Clichy, Bacary Sagna and Pablo Zabaleta have all entered their thirties and will soon need replacing.

In other Arsenal transfer news, the club have £149million to spend on new players.