AC Milan have told clubs including Arsenal and Liverpool that striker Stephan El Shaarawy, 22, will cost £11.5m if they want to sign him in January

Arsenal and Liverpool will have to produce a "sensational offer" in January if they are to convince AC Milan to sell 22-year-old striker Stephan El Shaarawy, says the player's agent.

Liverpool are ready to battle Chelsea, Tottenham and Arsenal to sign AC Milan's out-of-favour striker Stephan El Shaarawy, 20.

Tottenham boss Andre Villas-Boas is set to spend more of the world record transfer fee they received for Gareth Bale, and will target AC Milan forward Stephan El Shaarawy, 20, in the January transfer window.

Blues boss Jose Mourinho could offer striker Fernando Torres, 29, to Milan in exchange for El Shaarawy.