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The transfer deadline is today at 11pm gmt.
Speaking to the Telegraph in November Soares said, "Obviously Southampton is very important in my career and always will be. But right now, after this season, I am going to take another step an see what is best for me.
"It's a great opportunity and it's something (being out of contract) that maybe happens once in your life for a player."
The Gunners are solidifying the backside in order to get their 'rhythm' back on track.
The Gunners will face Burnley on Turf Moore on Sunday.
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