Elm: Hamburg in the hunt

The 24-year-old has been the subject of intense speculation regarding his future, with the Reds and United linked with a summer move for the Sweden international.

Hamburg have also previously been linked with a bid for the midfielder, who joined AZ from Swedish side Kalmar FF in 2009.

Now chairman Jarchow has officially confirmed the Rothosen are in the race to sign Elm, with Hamburg-based billionaire Klaus-Michael Kuehne reportedly ready to help fund the deal.

"We are talking frequently [with Kuehne] and we are talking about many things," said Jarchow.

"Elm is definitely a player that has been making our shortlist."

Meanwhile, Turkey Under-21 international Tolgay Arslan has signed a new three-year contract at the Imtech Arena.

The 21-year-old, who joined from Borussia Dortmund in 2009, broke into the first-team last season, making nine appearances and scoring one goal.

Hamburg general manager Frank Arnesen said: "For our club it is important to keep hold of talented players like him.

"Tolgay made a certain progress, especially in recent months. He is a big a talent and has shown a great deal of motivation."

Arslan, whose new deal takes him through to the summer of 2015, added: "We have a good future at Hamburg, looking at the squad available and looking at the coaching staff available.

"These had been the two major reasons for my decisions to prolong my stay.

"We will have a good chance if we work as a team next season."