By London correspondent Tony Hughes

Hector Bellerin is in advanced talks to sign a new Arsenal contract, according to a report.

The Guardian claim the right-back is close to agreeing terms with the Gunners after his agent held productive talks in London last week.

It is said that negotiations have been progressing well with the player but an agreement is yet to be formally signed.

Bellerin’s agent Albert Botines was in London last week to hold talks with Arsenal officials and he expects the right-back to commit his future to the north London club.

“We are speaking and are now a lot closer than we were two weeks ago. In a normal situation he will sign,” Botines told the Guardian.

“Hector is very happy at Arsenal. This would be the fourth time he has signed a new contract at the club and it is clear he has made good progress.”

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.

This would be worth an incredible £26million over the course of a five-year contract.

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.

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