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Arsenal will have to fork out £4m to bring Fulham keeper Mark Schwarzer to the Emirates.

Gunners chief Arsene Wenger has already had a £2m bid rejected by the London club, which is still searching for a new manager after Roy Hodgson’s move to Liverpool.

It’s understood that Schwarzer, 37, is very keen for a move across the river to north London, but Fulham have valued him at £4m and won’t accept a penny less from Arsenal, according to a report in The Sun.

Rumours that Schwarzer has already had a medical at Arsenal have been denied. He is currently on holiday, recovering from his World Cup campaign with Australia.

If Arsenal does land the Aussie shot-stopper, it’s likely that Spanish keeper Manuel Almunia will leave, possibly to Atletico Madrid.

Fulham, meanwhile are thought to be keen on signing Portsmouth and England keeper David James, who was one of the few members of Capello’s World Cup squad to finish the tournament with reputation intact.