Tottenham are in advanced talks to sign Brazilian attacking midfielder Willian from Russian club Anzhi Makhachkala in a deal worth about £30m.
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The 25-year-old has also attracted interest from Liverpool, but it is understood the Reds have missed out.
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The attacking midfielder, who has two Brazil caps, is expected to make a decision on his future on Tuesday.
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If Spurs pull off the signing, it would be the third time this summer they have broken their transfer record.
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In July, they signed Brazil midfielder Paulinho for a fee of just under £17m from Corinthians and earlier this month they spent £26m on Valencia's Spain striker Roberto Soldado.
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Their previous high was the £16.5m paid for Darren Bent from Charlton in 2007.
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Willian joined Anzhi in January for a reported £30m after five- and-a-half seasons at Ukrainian club Shakhtar Donetsk.
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But the attacking midfielder has become available as Anzhi attempt to cut costs after a change in strategy by their owner.
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This summer, Spurs have also signed 25-year-old French midfielder Etienne Capoue, 25, for £9m from Ligue 1 club Toulouse and Belgium international winger Nacer Chadli from Dutch club FC Twente for £7m.
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The signings come amid continuing rumours about Gareth Bale's future at Spurs.
They have the necessary money to sign the player so I don't think it's a bad idea. They need new players now that Bale is leaving!