The Dutch international has made 32 league appearances - netting five times - since joining the Madridistas last summer.
However, following the expensive acquisitions of Kaka, Cristiano Ronaldo, Karim Benzema and Xabi Alonso, Real are open to offers for Dutch quintet Van der Vaart, Wesley Sneijder, Arjen Robben, Roysten Drenthe and Ruud van Nistelrooy, while Klaas-Jan Huntleaar has already departed for AC Milan.
A move appears inevitable for the 26-year-old, after he was not handed a squad number ahead of the new season.
And although the midfielder - who has been capped 69 times by his country - has been linked with moves to Hamburg, Ajax, Inter Milan, Chelsea, Tottenham Hotspur, Liverpool and Aston Villa, it is Arsenal who are set to make a €7 million offer, according to the Mail on Sunday.
While the report adds that Van der Vaart is keen to complete a switch to the Premier League, should the opportunity arise.
“I really want to come to England,” he said.
“There are a number of clubs with offers where I can go in Germany, Spain and Italy.
“I want to go to the Premier League and I know where I want to play.”
NEWS: Van der Vaart turns back on Ajax return
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NEWS: Van der Vaart set for switch
