Arsenal looking to Sign Everton's Jack Rodwell

Arsenal manager Arsene Wenger has targeted Evertonmidfielder Jack Rodwell following the news that his transfer funds will be boosted this summer as the Gunners are poised to pay off the £133 million loan used to redevelop Highbury.

The Daily Telegraph reports that the Toffees' starlet, who can play in midfield or at centre-back, is a priority for the Gunners boss, who could lose William Gallas, Mikael Silvestre and Sol Campbell from his squad in the close season.

Only £2m of the loan used to redevelop Highbury into apartments is left to pay, meaning that Wenger's budget should continue to be boosted beyond this summer.

The club's overall debt is now below £175m and is almost exclusively what amounts to a mortgage on the Emirates Stadium.

The Arsenal Supporters' Trust estimate that the property now owned by the Gunners should generate a cash surplus of £45m over the next two years.