Premier League duo Arsenal and Chelsea could fight it out for the signature of Wolverhampton Wanderers winger Helder Costa.

The Portugal under-23 international joined the Wolves on a season-long loan from Benfica last summer before the move was made permanent for a club-record £13m in January.

Costa contributed 10 goals and eight assists during his maiden English campaign, and this assured the Wolves would attain their Championship status for another season.

According to The Express, both Chelsea and Arsenal had watched the player's progress during the previous season which included a standout display to oust Liverpool from the FA Cup.

Newly-appointed Wolves boss Nuno Espírito Santo has recently stated his intention to rebuild his squad around Costa, but the club are nevertheless prepared to cash in on their attacker, should they receive a £20m bid.

Costa has appeared for Portugal at every youth level, and a push to a bigger club could encourage his prospects of making the senior squad ahead of next year's World Cup in Russia.