Victor Valdes prefers Monaco millions to Arsenal challenge.

AS Monaco's tax-free millions have persuaded Victor Valdes to set aside an ambition of playing in the Premier League, with the Barcelona goalkeeper on the verge of completing a pre-contract agreement with the French League leaders. Valdes, who supplanted Iker Casillas as Spain's first-choice goalkeeper last week, had held extensive transfer discussions with Arsenal but is now ready to choose the more lucrative terms on offer at the Russian-owned club.

Valdes declared his intention to leave the Camp Nou last season and was prepared to move to Arsenal in the summer if the financial package sanctioned by Arsene Wenger was sufficiently generous. Barcelona, however, elected to hold Valdes to the final 12 months of a contract worth an annual €7million even though the 31-year-old rejected the offer of an improved deal.

It is understood that Valdes' readiness to leave one of the world's best supported teams for a club that rarely fills its 18,523-capacity stadium is primarily motivated by a desire to compensate for personal investment losses. The largesse of principal owner Dmitry Rybolovlev resulted in newly promoted Monaco securing the signings of Radamel Falcao, Joao Moutinho and James Rodriquez in the last transfer window.