Benfica are set to make an announcement on the future of winger Simao Sabrosa.
The 26-year-old has been tipped to secure a move away from Portugal for much of the summer, but remains at the Estadio da Luz with the new season imminent.
The situation is expected to become clearer at a press conference scheduled for Friday, with club bosses due to release details of recent developments.
Benfica have already said they are prepared to part with Simao if the right offer comes in.
Valencia have been holding talks with Simao and remain in contention to sign him, but Portuguese sources suggest that Arsenal are seriously interested too.
The Gunners have reportedly tabled a massive é¼18 million (£12.3 million) bid for Simao as Arsene Wenger looks to strengthen his options for the upcoming campaign.
Liverpool were also linked with a move for Simao before Rafa Benitez decided to explore other avenues.