Sandro Tonali is at the centre of a live transfer fight, with Tottenham said to be working on a deal, Arsenal now probing the move, and Newcastle sticking to a price that is well over €100m. Tottenham had already seen an £80m offer rejected, and Tonali is also being discussed on wages of more than £275,000 per week.

Tottenham's lead in the race

Fabrizio Romano said: "I stand by my information: Tottenham are working on a deal for Sandro Tonali."

That lines up with the sense that Spurs are further along than Arsenal, even if nothing is close to done. Alan Shearer said a move to Tottenham would be "a surprise career move" for Tonali, but he also backed Newcastle to demand "£100million plus" if the midfielder wants out.

Tottenham’s appeal is not hard to see from a club that finished 17th in the Premier League. Newcastle finished 12th, so this is not a simple case of one side clearly offering the stronger sporting project. Spurs can still sell momentum, and they are doing that while Newcastle keep the price high.

Newcastle's price and why Arsenal are watching

The money is doing a lot of the work here. Tottenham Hotspur Stadium revenue was £126.5m in 2024/25, compared with Newcastle’s £51.6m at St James’ Park, and Tottenham’s commercial revenue was £277.1m against Newcastle’s £120.2m. That gap helps explain why Spurs can keep circling a player Newcastle want to keep at three figures.

Kieran Maguire said Newcastle’s wider stadium decision is central to their long-term ceiling, and the club’s stance on Tonali sits in that same economic picture. For now, though, the immediate football story is simple enough: Tottenham are active, Arsenal have entered the conversation, and Newcastle are not moving off a premium valuation.

There is also the emotional side. ChronicleLive says Tonali would be leaving Newcastle after a 10-month ban from football that the club and fans supported him through. That makes any exit more loaded than a normal transfer, especially with Newcastle sitting on a better league finish than Spurs and no shortage of reason to keep him.

Tonali’s next step is still open, but the market around him is no longer just speculative noise. Tottenham have made the first serious push, Arsenal are now circling, and Newcastle are making it clear that only a fee in the £100m-plus bracket will force the issue.

Written by Jack Mercer with AI-assisted research, cross-checked against 4 outlets. How we work →