The Bundesliga club have revealed negotiations are under way, but admit the final decision now rests with Arsenal.
HAMBURG, GERMANY: Fábio Vieira of Hamburgb reacts during the DFB Cup round of 16 match between Hamburger SV and Holstein Kiel at Volksparkstadion on December 03, 2025. (Photo by Stuart Franklin/Getty Images)
Photo by Stuart Franklin/Getty Images
Hamburg have confirmed they have submitted an offer to Arsenal for Fabio Vieira, but the Bundesliga club have acknowledged there is no guarantee the Premier League champions will accept it, which is something of an understatement.
Vieira impressed during his loan spell in Germany, finishing the season as Hamburg’s leading scorer with seven goals and earning a key role in the side.
The 26-year-old is understood to be keen on a return after missing out on Portugal‘s World Cup squad.
When Arsenal agreed the loan last summer, the deal included an option to buy worth around €20 million, later reported by Bild as €22 million.
That figure always appeared beyond Hamburg’s reach, given the club’s transfer record is just €14m, and they have now admitted they are working within a much tighter budget.
Fabio Vieira of Hamburger SV celebrates scoring his team's first goal with teammate William Mikelbrencis during the Bundesliga match between Hamburger SV and 1. FC Köln at Volksparkstadion on March 14, 2026 in Hamburg, Germany. (Photo by Stuart Franklin/Getty Images)
Photo by Stuart Franklin/Getty Images
Speaking to supporters at the club’s training camp, Hamburg board member Eric Huwer revealed negotiations with Arsenal have reached the stage of a formal offer.
“Fabio Vieira is a fantastic player, one we feel like we’re fighting for every single day,” Huwer said.
“We’ve backed up our interest with concrete figures in talks with Arsenal. Right now, no one’s budging.
“We’re well aware that a salary package is part of the equation. We’re confident we can make Vieira a very competitive offer within our means, without taking on debt.”
He added: “We’re very curious to see if he and FC Arsenal accept it. We’ve internally agreed on a clear financial range.
“If Arsenal says yes, we’ll look forward to having Fabio. If Arsenal says no, we’ll look forward to someone else.”
Fabio Vieira of Hamburger SV scores his team's first goal under pressure from Rav van den Berg of 1. FC Koln during the Bundesliga match between Hamburger SV and 1. FC Köln at Volksparkstadion on March 14, 2026 in Hamburg, Germany. (Photo by Stuart Franklin/Getty Images)
Photo by Stuart Franklin/Getty Images
Hamburg are reportedly only able to pay around €10 million, even then in instalments, around half the purchase option included in the original agreement.
That is also well below Vieira’s reported €18 million market valuation and a significant drop from the £35 million Arsenal paid to sign him from FC Porto in 2022.
With Hamburg’s offer now on the table, Arsenal are expected to wait before making a decision, giving themselves time to establish whether other clubs are prepared to pay a higher fee before the transfer window closes.
There has reportedly been interest from some in the Premier League but that hasn’t really amounted to anything at the time of writing.
This one looks set to run until the end of the window.
PORTO, PORTUGAL - JANUARY 23: Fabio Vieira of FC Porto looks dejected during the UEFA Europa League 2024/25 League Phase MD7 match between FC Porto and Olympiacos FC at Estadio do Dragao on January 23, 2025 in Porto, Portugal. (Photo by Diogo Cardoso/Getty Images)
Photo by Diogo Cardoso/Getty Images
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