Saturday 4 June 2016 8:29 pm

Arsenal chase early summer spending spree with £20m Jamie Vardy targeted as latest pre-Euro 2016 signing

Arsenal will rack up the second-largest summer transfer window outlay in their history should they activate Jamie Vardy's release clause, thought to be worth £20m.

The Gunners are in talks with Leicester over the transfer of Vardy and want to complete the deal before the striker travels to France for Euro 2016 with the England squad.

Should they complete the deal, the 29-year-old striker would join £30m Granit Xhaka on Arsenal's list of new arrivals this summer and likely take their total spend over the £50m mark.

Read more: Arsenal aim to complete Jamie Vardy signing this weekend

Xhaka arrived in North London last month to become Arsenal's quickest piece of business in the off-season window for nine years.

Already they have spent money than ever before pre-July while the addition of £20m Vardy would make it their second highest-spending window behind their £76m spree on Alexis Sanches, Calum Chambers, Danny Welbeck and Mathieu Debuchy two years ago.

Over the last 10 years Arsenal have signed just seven of 38 summer acquisitions — 13 per cent — before July when they have conducted the vast majority of their business.

The Gunners have the benefit this year of being assured of their place in next year's Champions League, meaning they can bank on at least £30m in additional revenue and can promise new recruits a place in Europe's elite competition. They have not enjoyed such a luxury in six of the last 10 seasons.

A healthy cash balance of £159.4m and record revenues of £330m last season has also increased Arsene Wenger's clout in the transfer market and aided his ability to get bodies in the door before pre-season training starts.