I'll preface this with- I think Vini is resigning with Madrid.
However, the fact he didn't accept this improved offer during the meeting when it's clear that Madrid is pressuring him to sign ASAP tells me that he isn't just using Arsenal as leverage for contract negotiations. I think we are still in it but that the momentum has completely shifted in Madrid's favor. They are showing some willingness to compromise with Vini and show him that they want him, which is probably something that is being received well by the player. On the other side, I think we have put together a really compelling proposal to him and his agency on how we could turn him into the commercial face of the EPL and how he can monetize that exposure with his image rights. I'd imagine that has at least caught his attention, and definitely his agency. He clearly loves Madrid and feels loyalty to them but hasn't always felt the same. I think he will be willing to overlook the financial differences in the offers to continue to play for Madrid but I also wouldn't bet against him and his agency taking a breath and realizing that a new start with incredible commercial opportunities is a better option. Think it's probably 25/75 on him signing here now but until I see the Ornstein tweet, I'm going to hold out hope.