Trouble with the situation for me is that we only know that Arsenal has expressed interest in signing him and Madrid wants to negotiate to possibly re-sign him.
Unless he's set on leaving Madrid, if negotiations with Madrid seem to break down at some point lower than our terms (image rights considered and so on), there is probably still a game of brinkmanship with his agents during which we can get priced out, and a big incentive for his team to take the situation to deadline day, on the basis Madrid's incentive to avoid Vinicius leaving on a free becomes decisive.
Seems to me Arsenal's best chance is that the side questions such as Vinicius's possible conflict with Mourinho, or a status issue with Mbappé, or Madrid's other business such as trying to sign Diomandé … that something other than the pure question of comparing two clubs' offers encourages Vinicius's people to force their way out, or forces Madrid to push him out a week or two earlier than the transfer deadline.
I reckon we're not going to figure this out at least until the back half of August, not unless Arsenal makes some aggressive move such as getting seriously involved in Diomandé's situation … so get used to clicking refresh …