The 26-year-old Portuguese playmaker, who enjoyed a highly productive loan spell at the Bundesliga club during the 2025/26 season, has emerged as a key target for HSV as they look to strengthen their squad ahead of the new campaign. Direct talks are ongoing, with financial proposals exchanged, though a gap remains over the valuation.
Vieira joined Hamburger SV on a season-long loan in September 2025 and quickly established himself as one of their standout performers. He registered seven goals and five assists in 29 Bundesliga appearances, playing a vital role in helping the newly promoted side secure their top-flight status. His creativity and goal threat made him a fan favourite in Hamburg, where he developed a strong affinity for the club, the city, and coach Steffen Baumgart.
Player keen on return
The attacking midfielder has made it clear that he would welcome a permanent move back to the Volksparkstadion. With Arsenal welcoming him back for pre-season training, representatives from both sides continue to work towards an agreement that suits all parties. HSV have stressed that their other summer signings are financially independent, allowing them to focus resources on bringing Vieira back within realistic parameters.
Arsenal signed Vieira from Porto in the summer of 2022 in a deal worth around £34 million. However, he struggled for consistent first-team minutes at the Emirates Stadium, making just 33 Premier League appearances and scoring two goals across his time with the Gunners. A loan back to Porto in 2024/25 and then to Hamburg last season helped revive his career.
Valuation difference
Reports suggest HSV have submitted an offer in the region of €11 million, while Arsenal are understood to value the player closer to €20 million. The London club have not yet responded formally to the latest proposal, but contact remains regular and constructive.
HSV board member and CFO Eric Huwer has spoken positively about the situation, stating that the club had “fallen a little bit in love” with Vieira and were “fighting for him every day.” He confirmed that concrete figures had been presented to Arsenal.
Vieira’s contract with Arsenal runs until June 2027. A permanent exit would represent a significant financial loss on Arsenal’s initial investment but would also free up squad space and wages as Mikel Arteta continues to refine his squad. For HSV, securing the Portuguese international on a permanent basis would represent a major statement of intent following their successful fight against relegation.
As pre-season progresses, all eyes remain on whether the two clubs can bridge the valuation gap. Vieira’s preference for Hamburg adds weight to the possibility of a deal being concluded in the coming weeks.