Alan Shearer has warned Arsenal they will likely need to pay Newcastle United a club-record fee if they want to sign Anthony Gordon this summer.

With the Magpies looking destined to miss out on Champions League qualification, the financial ramifications of being absent from Europe’s elite club competition are already beginning to set in.

A host of Newcastle’s best players have already been linked with moves away in the summer with midfield duo Sandro Tonali and Bruno Guimaraes attracting significant interest.

Italy international Tonali was rumoured to be interesting Arsenal on the final day of the January transfer window, while teammate Tino Livramento is also said to have an admirer in Mikel Arteta.

The England full-back is valued at £60million by Newcastle but Shearer believes it would take almost double that to prise Gordon from St James’ Park.

Gabriel Martinelli and Leandro Trossard have been the two wingers used by Mikel Arteta on Arsenal’s left wing over the course of the last three seasons but change could well be brewing.

Should Arsenal want to pursue interest in Gordon, however, Shearer has told the north London club it would take more than the £105million they paid for Declan...